Home Buying in Wauwatosa>Question Details

Kerry Monroe, Home Buyer in Milwaukee, WI

My Fiance is starting his full time job in September and I currently have had a full time job for about year.

Asked by Kerry Monroe, Milwaukee, WI Thu Jan 29, 2009

I will have enough in savings for a 3.5% down payment but I need his additional income to qualify us for a loan- will they be able to do this late August/early September? Or does he need to be at his job for a certain period of time before they will consider us?

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good afternoon...i have read and agree with the below answers.....usually a first paycheck stub will show he's employed.....since he is new on the job, the lender will send a voe (verifiacation of employment ) to your husband's place of work.........it is a fannie mae form that is "fill in the blank"....and is required since he hasn't been there two years....if the voe comes back as temporary status....you cannot close until the temp. status is lifted..i am sure he's full time, but he could be on a 90 day "look-see".....he can ask in advance.then ust schedule the closing around the revised voe and give it a few days to be signed off by an underwriter.i hope that helps...bob mcclure- success mortgage partners- plymouth, michgan.....
0 votes Thank Flag Link Fri Jun 12, 2009
Good answers so far....In order to use the income for the new job coming right out of school, you are going to need a signed offer letter or contract(contract is better) and probably at least 1 paycheck. I am a local lender in Wauwatosa...if you have further questions, feel free to contact me at mike@wrhloanexpress.com
Mike-local lender
0 votes Thank Flag Link Fri Jun 12, 2009
Yes, talk to a lender now! Many lenders require 2 years on the job but will count time in school toward that if you go to work in the same field you went to school for. Also before you talk to a lender talk to several Realtors Ask the Realtors to recommend a lender or two. (Going to Open Houses in your area is a good way to "interview" Realtors.) There is a LOT going on in the lending world and Realtors work with them every day. In my area I know which ones get the job done and which ones don't AND which ones will charge you unreasonable cost. You have some time - use it to do your Homework !
0 votes Thank Flag Link Sun Feb 8, 2009
It is best to talk with a lender always. At least you will know, Can I get a loan. What price home I should be looking at. What your payments might be. Am I comfortable making that payment. Also when you figure your payment out make sure you included taxes and insurance. That way you will get the whole picture of your payment. If you need the name of a local lender go to my site I have some listed there that will help you.
Web Reference: http://www.debbyrealtor.com
0 votes Thank Flag Link Fri Jan 30, 2009
Kerry. While FHA "guidelines" do state a 2 year stretch of employment to count income, they will accept a letter of explanation for any job gap. Usually this pertains to someone who had to stop working to either have a child, tend to a sick relative, go back to school, etc.

Since you are coming out of being a student, you should be okay to have your income accepted as what it will be. You may need to get a first or second paycheck, but I don't think that you are going to have to be there for 2 full years before you can qualify.

If you have any questions, feel free to contact me.
Luke Allison
Flagstar Bank

Apply Online: flagstarloans.com/lallison
0 votes Thank Flag Link Fri Jan 30, 2009

You've been given a lot of good information already, but if there is one thing that I would stress...it would be to talk to a lender NOW. They can inform you of all your options, and get you headed down the right road so you're ready to buy when the time comes.

So many buyers wait until the last minute, and then they're unhappy when they're unable to purchase a home when they want to! Information is POWER!

Good luck to you!
0 votes Thank Flag Link Fri Jan 30, 2009
You really need to talk to a dependable mortgage broker now. There are a couple of reasons for this. First of all the rules are changing everyday but if you talk to a reputable lender, they should be aware of the trends and where we are heading. Also, they can tell you, for sure, if you need your fiance's income. Finally, they can answer the question for you directly. Every lender has different rules. I closed a loan this past year where the buyer got layed off and got a job with his previous company in the same day and it was the same kind of job. However, the lender required him to wait and show check stubs for two pay periods before we could close. I had another client approved for a loan when moving here from out-of-state with just a letter of verification with the new employer. So, every situation is different.
0 votes Thank Flag Link Thu Jan 29, 2009
Sorry I didn't clarify, but he is currently a student right now and will be graduating and has a full time offer from KPMG in September.
0 votes Thank Flag Link Thu Jan 29, 2009
First, I would recommend you talk with a lender and have them review all your information. Then they can advise you on what is best for your particular situation. Financing rules have been changing and alot is based on your credit scores. Normally, if you are starting a new job, but in the same line of work you can qualify as soon as you start on the job, and he can get verification of his position for the lender. But, again things change quickly.

I just had a client who qualified for their mortgage with only 1 week on a new job, as it as the same type of work as they previously had done for the last 2 yrs.

All the Best to You!!!
Web Reference: http://GoPackerUp.com
0 votes Thank Flag Link Thu Jan 29, 2009
if it is in the same line of work you should be ok..
0 votes Thank Flag Link Thu Jan 29, 2009
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