I would have to agree with Dunes, I am a mortgage broker but don't call me I won't get you a loan. You need to have a job and be secure in it. Take some time, save your money.

In this Economy you would like the income from a job you haven't started to be considered in the calculation of what you can afford? Lot of people with PHDs that have recently been laid off from secure jobs.

I'm sure a loan person will do it and as they always dedicate themselves to protecting you from a bad loan would never make a loan if they thought you couldn't pay it, no matter how much money they could make selling you the loan. But still I think I'd worry more about what's the right thing to do in this Economy and less about what "we would like to"

Shop based on what you can afford now with the income you have or don't shop is my non-pro stupid opinion.

Dunes

Don't forgot about your FREE 8,000 dollars as a first time home buyer. Contact a couple of local mortgage guys and gals and discuss your situation.

You can also look at new construction that will be ready in July. Builders are in a giving mood and will pick up the closing costs for you. They will want you to use their lender. Go shopping this weekend and see what is on the market. Find a good Realtor to assist you with the process. It does not costs you anything and will answer many questions for you. Also let you know where the best deals are located.

Good Luck and Congratulations.

Hi Courtney,
A couple of years ago I attended a seminar put on by mass housing during that seminar a loan program was mentioned (I do not recall the name of it ). The speaker at the seminar said that that loan program was especially good for resident doctors and other professionals who were about have an increase in income but wanted to purchase a home that was out of their current price range. (sounds like that applies to you)
Go to their web site http://www.masshousing.com and see if could work for you. If there are any other questions I could help you with be sure to let me know! Happy House Hunting!! Mo Kane

Hello Courtney- I don't believe so. From your rough numbers there, I think you max loan amount will be about $240K- which would bring you under your $280K purchase price. This assumes you have a good credit score and good credit history, etc.
A letter from an employer I don't believe will pass the bank's underwriter- for qualification. Unless there is a contract guaranteeing it for a certain amount of time, etc. And most employers will not do that or guarantee anything of the sort.
I'd suggest you either wait a little until you start, OR you get some Gift money from a relative to help you with your down payment so that you can still get that house in the $280K range. If you'd like to talk further, please contact me. Thanks and good luck,
Ken L.