Are you considering buying a home but feeling hesitant due to common myths about mortgage applications? Let's separate fact from fiction and explore some surprising truths that might put homeownership within reach sooner than you thought.
Myth 1: You Can't Buy a Home with Just a Job Offer Letter
Fact: You can get into a contract and close on a purchase loan with just an offer letter, provided you have a non-contingent offer and a guaranteed/fixed base salary, and you will start the new job before the first mortgage payment is due.
Example: If you're closing on a purchase loan on October 29th, starting a new job on November 15th, and your first mortgage payment is due December 1st, we can use your new base salary to qualify you for the new home.
Myth 2: You Need 6 Months on the Job After an Employment Gap
Fact: If your new position offers a fixed salary, many investors will allow us to qualify you based on your current income, even if you've had an employment gap of over six months.
Myth 3: You Need 2 Years with Your Current Employer to Use RSU/Stock Option Income
Fact: You might be eligible to use future RSU income to qualify if:
- You were previously employed for 24 months at a publicly traded U.S. company and received RSUs there.
- You've now started with another publicly traded U.S. company.
- You've received your first grant and can provide a minimum 24-month future vesting history.
The Bottom Line
Don't let misconceptions about income, job status, or RSU income discourage purchasing your dream home. You may be able to buy now, start enjoying the benefits of homeownership, and begin building wealth. Remember, the longer you wait, the more you might pay for the same home.
Ready to explore your options? Reach out for more information and take the first step towards homeownership today!
Risha Kilaru at Originpoint
[email protected]
www.RishaKilaru.com
O: (510) 338-7034
C: (510) 209-7374
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