Home Buying in San Diego>Question Details

John S., Home Buyer in San Diego, CA

Is there any way to close a mortgage before receiving my first paycheck?

Asked by John S., San Diego, CA Thu Mar 14, 2013

I have great credit and substantial assets, however I would like to buy a home before my job starts because I will be moving across country. Is there something I can do in lieu of a first paycheck, such as a contract or letter from an employer or something?

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Answers

7
John

There are some things that I as a lender, or any lender, would need to know prior to ansering your question with complete accuracy.

Have you been employed at least two years prior to your move? Is your new job in the same line of work and similar position?

If your answers to the questions above are yes......most lenders would require at least one pay stub just prior to close. A copy of your emploment contract detailing your position and salary information would also be helpful for the file.

This does not mean that you can't enter into a contract for purchase, but as stated above you would need at least one pay stub to close. Even though I am very experienced, I will double check with underwriting and reply again if I get a go without a paystub requirement.

You may contact me through my Trulia profile if you so desire. The information is free, confidential, and without obligation.

Good Luck.

Wayne L. Brown
Security National Mortgage Company
NMLS License # 343946
Company NMLS 3116
1 vote Thank Flag Link Thu Mar 14, 2013
Yes you can generally get an offer letter from the new employer. But you will likely need 30 days of paystubs before the lender will fund the loan.
0 votes Thank Flag Link Thu Mar 14, 2013
John

As a courtesy, I did check with our underwriting department regarding your question and situation. We are a direct lender;however, we also have the ability to broker out loans to other sources, so I contacted three outside sources for you as well.

Everyone, including our own underwriters indicated that even with a contract from your new employer, you will need at least one pay stub prior to close.

I know this may not be the answer that you want to hear, but you definitely don't want any issues when you go to close your new purchase.

Good luck, and feel free to contact me if you have any follow-up questions. My contact information is on my Trulia profile.

Wayne L. Brown
Mortgage Banker
Security National Mortgage Company
NMLS License # 343946
Company NMLS # 316
0 votes Thank Flag Link Thu Mar 14, 2013
What I have had borrowers do is get a check for any amount along with the offer letter. The check can be for one day on the job cut from a non payroll account.
The lender needs to know you are employed m
The check proves it.
0 votes Thank Flag Link Thu Mar 14, 2013
Yes. You just have to document your income and start date/acceptance with your employer. ALSO, it depends on how long before you start...

Best case would be that you start the process and receive a paycheck before you CLOSE (not start the process) but even if you didnt, with a strong enough letter from your employer, as long as you werent starting months after close, I think you would be just fine.

Daniel
0 votes Thank Flag Link Thu Mar 14, 2013
Yes.

We will need Job offer and acceptance letter.
0 votes Thank Flag Link Thu Mar 14, 2013
Unfortunately no. Some banks may allow for this, but it would be a HUGE exception. Typically banks want to see at least 1 pay stub before the close of escrow, often times 30 days worth. If you have an offer letter along with a verification of employment and salary, you could potentially continue along until the end when you provide your first pay stub. Best of luck! :)
0 votes Thank Flag Link Thu Mar 14, 2013
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