Home Buying in Brooklyn>Question Details

Miza, Other/Just Looking in Brooklyn, NY

What verbiage indicates a guaranteed, non-revocable contract for employment?

Asked by Miza, Brooklyn, NY Thu Apr 24, 2014

I am hoping to apply for an FHA loan as a first time home buyer in early June. I taught for two years and then took a break to pursue a masters degree. I secured a contract for a full time position but am concerned about starting the process in June because the HUD Housing handbook states an applicant must have a guaranteed, non-revocable contract for employment. I have saved enough for the required downpayment and to support myself during the 60 day period.What should my contract say to meet these requirements?

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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 michaeldenniston247@gmail.com.

Please hit best answer if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS#24076
917.699.0183

The Federal Savings Bank
New York City l Nationwide
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