Frequently Asked Questions

Can I use my new job to qualify for a loan if I haven’t started it yet?

Yes, you can use future salary from new employment to qualify for a mortgage. As long as you start the job within 60 days of the closing date, you can use this future salary to qualify. There are some conditions to using future income:

  • The transaction must be a primary residence, one-unit (single family or condo) purchase.
  • The employer cannot be a family member.
  • You must be able to provide a non-contingent and fully executed employment contract.

One final note, you must have an additional 6 months of reserves of monthly principle, interest, taxes & insurance on the new property, in addition to down payment. If you do, then you can use your new salary to qualify for the mortgage!

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