No. of Recommendations: 0
In my recent experience, before the close can occur, you will need to have at least one paycheck to confirm to the lender that you have actually started the job offered in the offer letter. (It used to be that the offer letter would often be enough to close.)

It flip flops. Previously would close with an Offer Letter, then needed borrower to actually start job and produce one paystub. Now we've flipped to Offer Letter only, (maybe) depending on occupation. Just received approval for a recent graduate who is to start work as a Veterinarian. It's an u/w judgement call, but if the field of study relates to the employment and the employer is viewed as secure, you are able to close on an Offer Letter.

This may change tomorrow. As of today, I would issue an approval letter.
Print the post  

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement