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Do we wait to apply for higher preapproval if our new job will be paying higher when we move

My husband is in his last year of Residency (Medicine) and we are looking to move July 1, 2009.  Our income is significantly less as a resident than as a doctor obviously. We already have a contract for the upcoming job starting July 1, 2008  How do we get the loan and buy a house we want when we only have proof of resident's income?  Do we need 30 day pay stubs before we buy in that income bracket? Can we use only a contract and not proof of 30 day income.  We are looking at rural housing loans or FHA in Utah.  Thank you.
  • February 05 2009 - Salt Lake City
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Answers (6)

Marty, not splitting hairs. My main intention was for his future responses. He's new on ZMM. ...

Marty, I luv the way you look out for me! :>)
  • February 06 2009
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No worries RH.  Frank is taking the safest viewpoint to project into the future.  No reason to split hairs about that.  You are very correct in your thoughts as well about borrower strength, the profession, etc.  I think the buyers should select a good LO and tell them their present situation and the proposed "future" that is expected upon graduation.  A good LO will advise them as to when they could close... pre-post..in the middle of a pay period. It is 2009, but Lenders still LOVE well-paid, recession free applicants with excellent credit.  Keep rockin' all.
  • February 06 2009
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Frank!

IMHO, your response is inaccurate! What do you base your humble opinion on? Have you heard about Alternatives? Options?

  • February 06 2009
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You will qualify based upon the income of your most recent paystub.  In order to close based on your income as a doctor (rather than a resident) you need to have already received your first paystub as a doctor.  
  • February 05 2009
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Residents, 1st I have little knowledge of FHA/Rural Developement. But, with Portfolio Lenders&Conventional Lenders there are other options for qualifing with a lower income that what would be within guidelines for the loan amount requested.

Everything that Martin W. mentioned is true. Addng to that, if your assets along with your current income can fully document 36 months of continuous payments you may receive underwriting approval. ... I have an Associate in St. George that may help you. He's in Commercial R/E and Trust Deed Investments. Holds the highest degree obtainable in this industry. If you would like his information, post on this thread and I will respond. ..... Best wishes.
  • February 05 2009
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A loan approval will be based upon income.. If you apply as a resident, it will be approved based upon that.  If you are going to close when you become a doctor (salary wise) and have that written in a contract... some lenders may allow the new income and can either require a paystub prior, close on your first day  or ask for the new pay (stub) within 30 days after closing as a courtesy.  The higher your CREDIT SCORE and ASSETS, the better chance you have to be allowed any type of "free pass".  Hope that helps..   Keep rockin' and good luck.
  • February 05 2009
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