Hi Miza, that's an excellent question. Based on my experience, your lender may be more interested in an actual pay stubs and prior work history than just your employment contract, I'll explain. Normally, lenders are required to verify two years of employment history preceding the mortgage applications. Exceptions can be made for students, military personnel and other categories. I've helped many buyers in similar situations to purchase a home using FHA financing after completing an undergraduate, graduate or post-graduate program of study. Typically, we document their prior work history, if applicable, obtain 30 days of pay stubs and have the employer complete a Verification of Employment form.
HUD sets the minimum standards and lenders are allowed to add their own overlays on top. So having verifiable employment and income during the application process will most likely be required by the lender.
To discuss your particular scenario and possible solutions, please contact me directly at 917. 699. 0183 or email@example.com.
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Senior Mortgage Banker
The Federal Savings Bank
New York City l Nationwide