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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.
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