Profile picture for user057792

Can I use an offer letter for my new job to get pre-approved? (will have paystubs before closing)

My wife is employed full-time and has been at her employer for over 2 years. We both have 700+ credit scores; we have 20% down and cash beyond that to make at least a full year of mortgage payments; we can document at least 2 years of paying rent about twice as high as the mortgage payment will be. My wife makes about 45,000 in salary and 5,000 in income from a side business. I will be making 70,000. We would like to borrow about 160,000. 

The catch is that I had a period of unemployment before getting this job, which is in a different field than I was in before. What I would like to know is whether a lender is: 1) likely to pre-approve us at all, given my new job and previous unemployment and 2) likely to accept an offer letter as proof of income for pre-approval purposes, with the understanding that I will be able to show a month's worth of pay stubs in a few weeks.
  • July 16 2012 - US
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Profile picture for user057792
I'm in Wisconsin. Here is some more detail on my job situation: 7 years ago, I went to college and got a degree in computer science. Immediately after college I went to law school. After law school, I had full-time job as a lawyer for about 6 months. For a few years after that I did a mix of things: lawyering, computer programming, writing, and teaching. None of these things paid very well and I was self-employed/independent contractor for all of them. 

My new job is in computer programming/software development with a big healthcare company. Whether this is a new field for me depends on what you consider my previous field to be. You might consider me to be a lawyer, since that is what my graduate education is in. You might consider me to be a writer, since that is what made me the most money over the last 2 years. Or I guess you could consider me to be a programmer, since I have a relevant college education and have done some programming in the last 2 years.
  • July 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Not enough information but if starting a new job in new field after job gap is likely to require that you be on job at least 6 months. Could be longer depending on how long unemployed, and how different new field is from previous line of work.
You will need to have your scenario reviewed by an Underwriter as automated underwriting approval will not be likely since not on job yet. Go to Professionals tab above and find a Zillow loan officer in your area/state that can have an actual Underwriting review a file. You have strong other factors but income is equally important. It may be possible for your wife to qualify on her income..........
  • July 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Joseph F Moore
You can if your banker and agent like to take risks.  An offer letter won't surfice an underwriter nowadays, but it may be enough for a banker to issue a pre-approval.  You should know that the pre-approval is probably worthless though.

Pre-approval means you have met the initial income, employment and credit requirements.  Unless your banker is using a lender that doesn't care about income verification your pre-approval would be a lie.  You wouldn't be ready to close based on the new employment. 

You also may want to be pre-underwritten to determine what the underwriter will need up front.  You may find out they want you on the job for 6 months or a month may be plenty.

You also run the risk of wasting your money.  A listing agent will require you to do your inspection and appraisal immediatly.  You wouldn't want to pay out that money on a maybe.

Talk to a banker.  Most GOOD bankers will get you going with the offer letter, but won't issue you the pre-approval until your actually pre-approved.

Best of Luck!
  • July 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Tommy Yankovoy
Some lenders are more aggressive than others, so potentially yes. What state are you in?
  • July 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.