Please see below regarding expected income or new employment within 30 days of application. If the new income includes a non-set rate or fluctuating hours, the borrower must have history of the same type of "variable" income for at least 12 months at prior employers. Must be in the same line of work as previous employer. See below for additional reserves required for option 2: Paystubs not obtained. EMPLOYER CANNOT BE A FAMILY MEMBER
Offer letter or Contract must:
* MUST begin within 60 days of loan closing.
*clearly identify the employer and the borrower, be signed by the employer, and be accepted and signed by the borrower
*clearly identify the terms of employment, including position, type and rate of pay, and start date (if hourly need stated hours); and be non-contingent.
Note: If conditions of employment exist, the lender must confirm prior to closing that all conditions of employment are satisfied either by verbal or written documentation.
**Must have reserves to cover all monthly obligations (all debt) until employment begins *New employment salary must be consistent or reasonable based on prior employment
If employment starts before closing date, 30 days of paystubs is required. Based on loan characteristics exception may be granted for one paystub.
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