My husband and I are relocating to northeast Mississippi. We are both graduate students without any steady

Asked by Kimberlee, Southaven, MS Thu Jan 29, 2009

job history over the last 3 years. My husband's job offer is for 70K. He will start working in June, but we'd like to have a house secured before May. Is there any way to secure financing before he gets his first paycheck? He has a contract stating the employment terms, we have about $9,000 to offer as a downpayment, and we both have good credit.

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Luke Allison, , Asheville, NC
Fri Jan 30, 2009
Any lender is going to at least want the job to have started by the time you close. If you must close before the job starts then you would need to apply with a non-occupant coborrower. You would need to use their income to qualify your loan. After the close, you can do a streamline refi and pull them off of the loan.

Luke Allison
Flagstar Bank

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Lisa Reeves, Agent, Tampa, FL
Fri Jan 30, 2009
Yes - Look into an FHA loan - but find someone who knows it really well. There is a clause for employment which stipulates that if the buyer is starting a new job and the contract is viable for I believe 2 years then you qualify without 2 years previous employment as long as the date of employment starts within 30 days of the closing date. This is used by a lot by new teachers and new resident doctors. With money down and if you have good credit this should be a breeze. If you do have any trouble you can do what is known as a kiddie condo which means a direct relation (mother, father, uncle, grandparent etc.) co-signs. I have done this one when we had a teacher and a resident doctor and their employment contracts were not strong enough. Contact me if I can be of futher help and congratulations on the great new job.
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