Dr Loan - Employment Contract
Updated: 01/25/2018
Article #: 20
Hello Lauren Luttrull,
I confirmed with our HNB rep there is no set timeframe on a doctor loan but you would need more reserves verified or sufficient income documented in the interim (if currently working) to sustain the mortgage payment & other obligations between closing & start date of employment. The employment contract must be fully executed with no contingencies.
Below is all their guidelines currently indicate re: projected income as of 8/1/17.
Projected Income (New Job) Employment Offers or Contracts:
Physicians beginning residency after loan closing. Required
documentation:
A fully executed/signed employment contract or offer letter in which
all contingencies have been met
Must verify that borrower will have sufficient income or cash
reserves to support the mortgage payment and any other
obligations between loan closing and the start of employment.
o Asset Requirements: Minimum reserves 2 months PITI. The
Underwriter must also verify that the borrower will have sufficient
income or cash reserves to support the mortgage payment and any
other obligations between loan closing and the start of employment
in addition to the 2 months PITI standard requirements.
Example: If loan closed on April 1, first payment due on June
1, borrower scheduled to begin employment on June 20. In this
scenario, the borrower would be required to have 3 months PITI
in reserves (i.e. standard 2 months PITI plus 1 month for the
first payment due in June since employment begins 20 days
after the first payment due date.
Physicians beginning residency after loan closing. Required
documentation:
A fully executed/signed employment contract or offer letter in which
all contingencies have been met
Must verify that borrower will have sufficient income or cash
reserves to support the mortgage payment and any other
obligations between loan closing and the start of employment.
o Asset Requirements: Minimum reserves 2 months PITI. The
Underwriter must also verify that the borrower will have sufficient
income or cash reserves to support the mortgage payment and any
other obligations between loan closing and the start of employment
in addition to the 2 months PITI standard requirements.
Example: If loan closed on April 1, first payment due on June
1, borrower scheduled to begin employment on June 20. In this
scenario, the borrower would be required to have 3 months PITI
in reserves (i.e. standard 2 months PITI plus 1 month for the
first payment due in June since employment begins 20 days
after the first payment due date.
Original question:
Notes: Dr. Loan
Hi! Mr. Shmukler will be starting his new job in July 2018. I attached his contract. When would be the earliest we could close on a loan?
|
Rate this Topic:
|
|||
|
