You DON’T need a 2 year history in your job to get a mortgage - here are the real rules.
Have any questions or want to talk about your situation? Let's chat!
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📩 juleef@rate.com
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Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: what will we cover in this video?
01:22 - Do you need to have a job for 2 years before qualifying for a mortgage?
02:34 - Key elements for lending: Stability, Continuance and Timing
03:10 - What counts as income that will continue?
03:47 - Your lender can help - so communicate changes!
04:33 - What counts as stable income for a loan?
05:20 - How does “stability” come into play with a new job?
05:46 - What are stable sources of income?
06:19 - Documenting stability
07:01 - Is there any way to get around this issue?
08:04 - Using overtime, bonus, commission
09:12 - Side note for people in tech: how are RSU’s handled?
09:45 - Starting new freelance work
10:30 - Starting new self-employment
12:36 - Qualifying for a loan using a job offer letter or new contract
14:02 - Requirements to buy before your job starts - Reserves
14:42 - Your offer must be “non-contingent”
15:10 - Common problems when using a job offer
17:17 - What about changing jobs while you are actually in contract?
18:06 - Ok! Let’s get into that checklist I promised…
18:23 - Income eligibility
19:30 - Establishing stability and continuance
20:09 - Are you starting your job after you close?
20:38 - Important considerations if you’re closing before you start your new job
Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate Inc NMLS 2611 Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy
relocating #newjob #homebuying
Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Content found in these videos is public information. However, all information including text, photographs, etc. is copyrighted and is protected by United States and international copyright laws. These videos may not be used, reproduced, or distributed for commercial purposes without prior written consent from Julee Felsman.