Recent College Grad, Firm Job Offer in Steady Field, 20% Down. Possible? (approved, credit)
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As the title states, I graduate in May but I have secured a job offer (public school) that will require me to move (Philly). I can put up to 20% down on a 200k condo (new construction). Is there any chance that I can get approved for a mortgage before I actually start receiving paychecks? Obviously there is no chance for a public school system to collapse and my pay is set. I have to be there in the summer for (unpaid) training and then actually start getting paid in September. My credit is excellent and I have a reasonable amount of savings.
Am I making a terrible decision by trying to pursue this route? I've done as much research as possible, through forums like this, and I can't find someone in the same exact position.
Are you familiar enough with the area to know where you want to buy? I think unless you live nearby and have spent A LOT of time in Philly, you may be better off to rent for six months while you get used to the area. In this market, you should be prepared to stay wherever you buy for many years, because who knows if the RE market will fall further. You don't want to feel trapped.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,857,135 times
Reputation: 958
Quote:
Originally Posted by vq35dett
As the title states, I graduate in May but I have secured a job offer (public school) that will require me to move (Philly). I can put up to 20% down on a 200k condo (new construction). Is there any chance that I can get approved for a mortgage before I actually start receiving paychecks? Obviously there is no chance for a public school system to collapse and my pay is set. I have to be there in the summer for (unpaid) training and then actually start getting paid in September. My credit is excellent and I have a reasonable amount of savings.
Am I making a terrible decision by trying to pursue this route? I've done as much research as possible, through forums like this, and I can't find someone in the same exact position.
It likely depends on the time frame. If you have a solid offer but want to buy 6 months prior to starting your employment then that will not fly. 30 days out or less and you may be alright. I am assuming of course that your academics are in the same line as your new employment (it will need to be).
Oh, and I assume by your user name that you own a G35. I had an '07 sedan. Nice car. Would you happen to be on the Driver?
It likely depends on the time frame. If you have a solid offer but want to buy 6 months prior to starting your employment then that will not fly. 30 days out or less and you may be alright. I am assuming of course that your academics are in the same line as your new employment (it will need to be).
Oh, and I assume by your user name that you own a G35. I had an '07 sedan. Nice car. Would you happen to be on the Driver?
I've always had underwriters request at least one paycheck. This specifically comes up with teachers a lot since they tend to buy in the summer time before they move to a new school.
I'm pretty certain it's a FNMA rule, but maybe it's lender specific.
To add to what AndrewSoss is saying, basically NO ONE is going to lend to some one with NO employment history. Even newly minted attorneys, physicians and MBA-credentialed investment bankers have the same situation. That is one reason why the places that employ such folks have had "special perks" for some that include a guaranteed mortgage.
School districts cannot do this. While it is true that they won't dry-up & blow away, the reality is that they are typically subject to collective bargaining agreements, that very often are scheduled to end just before schools starts. That, and other factors, means that although you have a solid job offer you may NOT get paid what you think AND on the schedule that you would like.
The other reality is that many districts routinely "non-renew" a large number of newer teachers, as the contracts typically require that happens before any fully tenured staff is cut. Beyond that, you have to be evaluated before you will be tenured...
All things considered, probably smarter to rent for a while.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,857,135 times
Reputation: 958
Quote:
Originally Posted by AndrewSoss
I've always had underwriters request at least one paycheck. This specifically comes up with teachers a lot since they tend to buy in the summer time before they move to a new school.
I'm pretty certain it's a FNMA rule, but maybe it's lender specific.
Yeah, I actually asked my UW that question today on another deal and they will require at least 1 paystub prior to docs.
Thanks for the advice everyone. I will probably end up subletting for the summer and then see how I feel.
Quote:
Originally Posted by Daddys///M3
Oh, and I assume by your user name that you own a G35. I had an '07 sedan. Nice car. Would you happen to be on the Driver?
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