Is it possible to acquire a loan for $100,000-$200,000 home with a proof of future employment letter?

Asked by Kimberly Jones, Tinley Park, IL Tue Nov 27, 2012

We are graduating college students and therefore have not officially received an income. However, I accepted full time beginning next summer at 75K and he will receive a stipend for the grad school of 30K. Will a bank give us a loan before we begin working/grad school?

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Suzanne Hamilton’s answer
Suzanne Hami…, Agent, Orland Park, IL
Wed Nov 28, 2012
If you have enough current income to support, maybe, but there is too long a time before next summer. If you have no income now, a loan would not be likely.

Do you have someone with good credit and income who could cosign the loan for you? That may be a chance.

I would be happy to recommend some loan officers to you to call and find out or even poll my loan officers for you to see who can help.

Please feel free to call me.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes
Maria Gilda…, Agent, Manchester, CT
Wed Nov 28, 2012
The loan officer will look for employment history and not future or potential employment.

Time passes by quickly.

So just hang in there. Make sure that you build your credit if you don't have none. Keep your finances in order.

Before you know it, you are almost on your way to home ownership

Best of Luck.
0 votes
Philip Cabral, Agent, San Jose, CA
Tue Nov 27, 2012
If you cannot show current income, lenders will take letters from employers that state you are currently employed but have not yet received a paystub. The operative word here is current.

I have not heard a lender lending for wages that far into the future but I am sure there are lenders out there with creative financing terms. I would suggest contacting a mortgage broker as opposed to a straight lender.

Good luck.
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