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Old 06-22-2014, 07:17 PM
 
4 posts, read 4,124 times
Reputation: 10

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Hi,

Does anyone have experience of getting a loan approval with an offer letter?

This is our situation. I live and work in Missouri. Recently I accepted a job offer in Dallas and the starting day of new job is 8/1. It is the same job as my current one but with better pay. We made an offer on a house in McKinney and it is scheduled to close in the end of July. But when we try to apply for a mortgage, many lenders deny our application. They told me the only reason they reject us is because I do not have a paystub from the new job, even though I provide them the signed offer letter from the new school with detailed job information.

I wonder if anyone has similar experience to us? Any comments and suggestions will be appreciated.
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Old 06-23-2014, 10:02 AM
 
139 posts, read 169,581 times
Reputation: 75
Do they take the signed offer letter as proof of income? You may want to ask. Or may be get a separate letter from your employer verifying income.
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Old 06-23-2014, 10:58 AM
 
Location: Dallas, TX
58 posts, read 54,495 times
Reputation: 49
I just had to get a different signed letter from the employer stating my exact salary and start date on letterhead.
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Old 06-23-2014, 11:13 AM
 
258 posts, read 469,586 times
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If your closing date is in July, why not just use your current job to qualify? Is your current salary not enough to qualify for the mortgage? I wouldn't even mention the new job, since it doesn't start until after you've already closed.
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Old 06-23-2014, 01:09 PM
 
16,719 posts, read 15,545,265 times
Reputation: 41248
Quote:
Originally Posted by YINGCHOUL View Post
Hi,

Does anyone have experience of getting a loan approval with an offer letter?

This is our situation. I live and work in Missouri. Recently I accepted a job offer in Dallas and the starting day of new job is 8/1. It is the same job as my current one but with better pay. We made an offer on a house in McKinney and it is scheduled to close in the end of July. But when we try to apply for a mortgage, many lenders deny our application. They told me the only reason they reject us is because I do not have a paystub from the new job, even though I provide them the signed offer letter from the new school with detailed job information.

I wonder if anyone has similar experience to us? Any comments and suggestions will be appreciated.
Nobody is going to approve a loan for a mortgage without proof of the ability to pay off the loan.
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Old 06-23-2014, 02:36 PM
 
99 posts, read 118,483 times
Reputation: 158
The signed offer letter should count towards proof of income. There has to be something that is impacting his approval, do you have a home in Missouri that may be impacting your debt/income ratio? There is something else going on here.

Also, it sounds like a few lenders are giving him approval, so why not go with them for your needs?

I'd suggest working with a mortgage broker who has experience in relocations.
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