[Oops, looks like I posted the response I was working on by accident as I was still working on it, didn't realize it, and kind of double posted. Sorry about that.]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. While interesting to know, it's kind of a moot point; unless I were to make the incredibly dumb decision of raiding my Roth IRA I won't be able to afford the down payment I want before working for at least couple months anyway.
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