Deanna Valeo

Buy your new home before your new job starts... May 14, 2012

" Yesterday is history, tomorrow a mystery, today is a gift; that is why they call it the present"

On conventional loans we will consider using income from future employment.  Example:  A professor has a signed bona fide contract, and wishes to purchase a month before employment starts and received a pay stub.  The key is the employment contract; below are the limitations:

  • Income from the new job must meet the following guidelines:
  • Allowed only on purchase transaction of a 1-unit primary residence.
  • Future Income must be documented with a non-contingent formal contract from the new Employer.
  • The contract must state all pertinent information (start date, salary, ect.)
  • Contract must be signed by employer and accepted by the borrower.
  • Borrower must start the new job with 60-days of closing.
  • Borrower must have six month PITI reserves for the new loan.
  • A Verbal VOE within 10 days prior to closing verifying terms of the contract has not changed will be required.

Have a fantastic week and we will see you next week!

New American Mortgage - Call today

Todd Croy - NMLS #91428 NC, SC (704) 488-7763
Deanna Valeo - NMLS #91421 NC, SC, VA (704) 488-1421

Accessible | Program Expertise | On-Time Closings

Due to new Federal Laws we are now providing a link to Mortgage News Daily average rates for mortgages - please see the note below regarding the rates listed.

**Please note the rates quoted are at the absolute best loan amount, the highest credit score and lowest LTVs allowed with a 1% origination fee and indicate the absolute lowest rate possible. You should use this list as a guideline and trend indicator and get a specific quote for your project (often it may be slightly higher).

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The Valeo-Croy Team and New American Mortgage Bankers are Equal Housing Lenders.This information is for illustration only. It does not constitute an application for a loan or an offer or commitment for New American Mortgage to make a loan on these terms. Interest rates are subject to change until an application is completed and you lock in your interest rate. The figures noted are estimates and may vary depending on discount points, taxes and insurance. Programs, terms and conditions are subject to change without notice. Mortgage loans are subject to credit qualifications. Normal credit standards apply.   Date:5/14/2012