Can I Qualify For A Mortgage BEFORE I Start My New Job

Can I Qualify For A Mortgage BEFORE I Start My New Job?

So you’re starting a new job, but you want to buy a house and you haven’t started the job yet. You might be wondering, can I use that income from the job that I’m starting in the future?

We get this question quite a bit. And the short answer is yes, but in some cases, no.

I want to explain a little bit more about what I mean by that. In the mortgage business, mortgage terminology, we use the term future income to explain or to describe a job that’s going to start in the future after you’re set to close on the mortgage. In a lot of cases, we can use that future income for you to qualify for the mortgage, even though you haven’t started the job yet. Typically, you have to start the job within 90 days after closing on the loan in order for us to use the income.

There’s a couple of parameters that we have to follow in order to use that income. One of the key ones being is you have to have an offer letter from the employer that clearly outlines the terms of your employment and is also free from any contingencies. So all the contingencies on the offer letter have to be satisfied. That includes drug testing, background checks, any other contingencies on the offer letter. And if that’s not actually removed from the offer letter, we can actually get something from HR saying that you’ve passed the drug screen, passed the background check, for example. So as long as the offer letter is free of contingencies, in most cases, we can use that future income for you to qualify even before you’ve started the job or gotten a pay stub.

Now, in some cases, we do need a pay stub, we do need you to start the job prior to using that income to help you qualify for the mortgage, but it gets a little bit complicated. It depends on what type of loan you’re seeking, what the nature of your employment is going to be, and a lot of other factors. So for questions about your particular scenario, if you’re watching this video, you’re looking to qualify for a mortgage, but you haven’t started your new job yet, just give me a call in the office, text me, or email me, and I’m happy to answer your questions and review your scenario to see if you can qualify now or if you have to wait until you start the job or have a pay stub. I’m also here for you for any other questions that you may have, so just reach out. That’s why I’m here and I love answering questions about the loan process. You guys have a great rest of the day.