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Does anyone have experience of getting a loan with an offer letter?
This is our situation. Recently I get a job offer in Dallas and the starting day of new job is 8/1. 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.
Last edited by YINGCHOUL; 06-22-2014 at 07:08 PM..
Reason: format
Crazy, I worked in the mortgage end of Corporate Relocation for years in Dallas. Got family in McKinney.
You should be able to get a pre-approval with an offer letter. Then, if you go FHA/VA/USDA, you should be able to close with just the first paystub. But many banks have risk overlays that require a full 30 days worth of paystubs. This is also a Conventional guideline.
But you should be able to get into contract and set the closing for just after that paystub is available.
But the first day of work is August 1. His contract has a late July closing date. That's not going to work, right?
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