Profile picture for sdavid87

Can I get a mortgage with a long-term employment contract?

I recently started a job after finishing my doctorate this year.   I have been employed under a year and my previous tax returns don't show much income.  However I am making significant income (300K) now and have a 5-year employment contract with an early termination clause that guarantees me 1 year of full salary.  Would any lenders consider this as valid income for a Jumbo mortgage?
  • October 26 2013 - Chicago
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Answers (6)

Best course of action is to call a few lenders. Do you need some names and numbers?
  • December 06 2013
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The fact that you were in school has no impact on your qualifications. Students can qualify immediately once they have obtained a position in their degree field. Now that you have your career job, you can qualify and it is considered valid income. You should be good to go. Also, your employment contract should not come into play in terms of documentation, unless you will be receiving income via 1099 vs. W-2.

If you need more information, please feel free to contact me via my profile.
  • October 26 2013
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Profile picture for Matt Laricy
Its tough to say. 

I would call a lender and check. If you need a referral, let me know. 
  • October 26 2013
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We suggest that you meet with loan officers at 2 or 3 local banks.  Make sure to take that employment contract.
  • October 26 2013
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There are too many variables to know for sure. My web site has some lender references. Give them a call and see.
  • October 26 2013
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Profile picture for Outer Banks N C
Go speak to the loan officer at the bank where you are socking away part of that $300k and I bet you will be taken care of. Start at your bank since they already know you. Speak with a couple lenders next.

tim
  • October 26 2013
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