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In an improving economy, students find it easier to get hired post-graduation, and workers find it easier to find work in a new town. With mortgage guidelines easing, it's easier for these students and relocating workers to become homeowners. Lenders have changed the way they evaluate the "future, promised income" of an offer letter.

If you're a recent college, law school, business school, or medical school graduate, or a relocating W-2 employee; and you've accepted a new employer's job offer, you can use your expected job income on a mortgage application -- even if you've earned no prior income in the current year.

To protect against underwriting error and fraud, therefore, mortgage lenders chose to underwrite recent graduates and relocating households with the same income standards as for everyone else. It's a process that requires at least 30 days worth of pay stubs, though, and that meant that job offers were worthless as proof of income. You needed two full paystubs.

Not anymore.

Lenders now accept signed offer letters as proof of income. It's good policy for workers, and for housing, too.


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Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
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