What do I need to go through with a preapproval? I am currently in college and have a job offer for when I graduate.

Asked by Michael Gioquindo, Poughkeepsie, NY Tue May 21, 2013

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x, , 10021
Tue May 21, 2013
BEST ANSWER
Michael,
Certainly not taking anything away from what Joe said below, because he is right on in a typical situation, but from your posting I want to assume that you don't have tax returns, paystubs and W2's yet. If you are graduating soon and are looking to purchase without having any previous income to verify, such as the documents Joe had mentioned, there are a couple options that can be utilized. The offer letter would have to be reviewed and the underwriter will condition for a first 30 days of paystubs, but we could certainly get you set up with a pre approval assuming the income will be there to verify. We wouldn't be able to close without the paystub, but we would have everything else ready. If your income isn't strong enough, we could utilize FHA's non-occupying co-borrower option that allows a co-borrower, such as a parent, to be on the loan to help support the payments.

Call me or email me to discuss more. I have more than 12 years mortgage experience and can certainly help you find the best route to getting this done.

Ryan McPartland
Mortgage Banker (Manhattan)
JPMorgan Chase
ryan.j.mcpartland@jpmchase.com
646-522-6340
0 votes
Ryan- Thank you for your response. I do have W-2s for the past few years from working part time jobs. I have recently done an internship with the current company at about the rate I would be getting paid as a full-time employee. I do have the offer letter that I have received from them with the bi-weekly pay.

Thx.
Flag Tue May 21, 2013
Cara Castrat…, Agent, Turnersville, NJ
Sat Jul 6, 2013
Dear Michael,

From my experience, you may be able to purchase sooner than you think. I can put in touch with a knowledgeable lender that can give you the specifics of what you need. I am assuming that you will be working in the field of your degree. My biggest concern for you is not so much the last two years of income, but the student loan debt that you will be carrying after graduation. Please contact me and I can point you in the right direction.

Cara Castrataro
Sales Associate
Century 21 Rivera Realty
Office: 856.404.9260, ext. 198
Cell: 856.896.8078
Email: caracastrataro@gmail.com

Find me on Facebook @ http://www.facebook.com/sjrealtorcaraesposito
0 votes
The Rifkin T…, Agent, Cherry Hill, NJ
Thu May 23, 2013
Unfortunately most likely you will not be able to buy until you have a years work history unless you have a good cosigner.


Thanks
Samuel Rifkin
The Rifkin Team
Keller Williams Realty
0 votes
Please contact me if you need any assistance finding a lender or an agent in your area.
Thanks
Flag Thu May 23, 2013
x, , 10021
Tue May 21, 2013
Debbie,
Very good point. We would want to see where your credit history is. If you don't have any credit there are still options.
Ryan.
0 votes
Ryan- I've had two credit cards out (the longest for about two years).
Flag Tue May 21, 2013
Debra (Debbi…, Agent, Livingston, NJ
Tue May 21, 2013
Since you don't have a full time work history as yet.....let me ask one other question...........do you have a credit history?
Have you had your credit run?
Do you have student loans?

Speak with a lender who can answer your specific questions and deal with your specific needs.

Good luck!
0 votes
(Sorry for the multiple responses, it wasn't going through at first)
Flag Tue May 21, 2013
(Sorry for the multiple responses, it wasn't going through at first)
Flag Tue May 21, 2013
Debbie- Thank you for your response. I have two credit cards (that I've had for about two years) and no student loans.
Flag Tue May 21, 2013
Debbie- Thank you for your response. I have two credit cards (that I've had for about two years) and no student loans.
Flag Tue May 21, 2013
Debbie- I have 2 credit cards out (going on about two years), and no student loans.

Thx for your response.
Flag Tue May 21, 2013
Debbie- I have 2 credit cards out (going on about two years), and no student loans.

Thx for your response.
Flag Tue May 21, 2013
Debbie- I have 2 credit cards out (going on about two years), and no student loans.

Thx for your response.
Flag Tue May 21, 2013
Debbie- I have 2 credit cards out (going on about two years), and no student loans.

Thx for your response.
Flag Tue May 21, 2013
Joseph Mulli…, Agent, Pennsauken, NJ
Tue May 21, 2013
Gather your 2 most recent paychecks, past two years of tax returns, past two months of checking and/or saving account statements, list of all creditors with amounts owed...If you are using gift money you may also want a letter from that person. Now it's time to shop around for a mortgage. You may want to try a local lender who has knowledge of the area. If you need a list of names who I currently use I would be glad to forward them to you.
0 votes
Thank you for your response Joe.
Flag Tue May 21, 2013
Gina Marie M…, Agent, Hamilton Square, NJ
Tue May 21, 2013
You will need to connect with a reputable mortgage lender, there are programs out there for your situation. I can connect you with a rep if you would like to see where you stand in getting into a home. You can reach me at (609)504-9467
0 votes
Thank you Ginamarie.
Flag Tue May 21, 2013
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