Hey all,
I've been reading this forum for a while, and it has been very helpful so far! I'm planning to start new employment out of residency next summer, and will have an employment letter (not a formal contract) including annual salary in hand when applying for mortgage pre-approval this coming year. I was wondering what I should know about this process, and if I will be able to secure mortgage pre-approval without an attending paystub or legal contract in hand (will only have residency paystubs to show, which aren't going to be enough for the houses we're looking at). How have others gone about this? Doctor loans? Certain financial groups or specific kinds of mortgages? We expect to be able to pay around 15% down. I'm hoping to be able to be closed and moved into the house before starting attending work next summer, likely around spring/early summer, and will have 0 attending paychecks/paystubs at that time.
Thanks in advance! Have a great day.
I've been reading this forum for a while, and it has been very helpful so far! I'm planning to start new employment out of residency next summer, and will have an employment letter (not a formal contract) including annual salary in hand when applying for mortgage pre-approval this coming year. I was wondering what I should know about this process, and if I will be able to secure mortgage pre-approval without an attending paystub or legal contract in hand (will only have residency paystubs to show, which aren't going to be enough for the houses we're looking at). How have others gone about this? Doctor loans? Certain financial groups or specific kinds of mortgages? We expect to be able to pay around 15% down. I'm hoping to be able to be closed and moved into the house before starting attending work next summer, likely around spring/early summer, and will have 0 attending paychecks/paystubs at that time.
Thanks in advance! Have a great day.
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