What kind of documentation do you need for home loan?

[MacGyver]

After match day, there's a good chance I wont be getting the official match contract until many weeks later.

I'd really like to get pre-approved very soon after Match Day. Most of the residency programs have a website or documentation that lists the salary for PGY-1s. Can I use that, in combination with my NRMP match email, to serve as proof of income?

Alternatively, after match day can I call the program and ask them to expedite a match contract for me in a few days so I can use it to get a loan? Or will they balk at that?

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[RockfordWF]

After match day, there's a good chance I wont be getting the official match contract until many weeks later.

I'd really like to get pre-approved very soon after Match Day. Most of the residency programs have a website or documentation that lists the salary for PGY-1s. Can I use that, in combination with my NRMP match email, to serve as proof of income?

Alternatively, after match day can I call the program and ask them to expedite a match contract for me in a few days so I can use it to get a loan? Or will they balk at that?

You can go ahead and get pre-approved now for a loan. I already did through Bank of America. It can work for wherever you end up.

 

[mshheaddoc]

Pre-approval doesn't require any docs, usually they are required for closing. You'll just need your contract for closing (if you go conventional you'll need to close after your contract date most likely), bank statements (make sure you don't have any large deposits on your statement and if you do make sure they are at least 60-90 days seasoned assets), and bring a stamp for your signature.

 

[DoctorWannaBe]

(make sure you don't have any large deposits on your statement and if you do make sure they are at least 60-90 days seasoned assets)

What do you mean by "large deposits" and "seasoned assets"?

 

[mshheaddoc]

Anything more than your current salary, or say you have $5K going into that account that you don't report, they might ask for verification of that asset to make sure the money is yours.

Seasoned assets are assets that have been in your account for a specific period of time, its not "loaner" money that you are using to put the downpayment.

 

[elderjack21]

I am sure this topic has been hit on before, although I can't find the exact thread.

In gathering my documents for our home loan, I was asked to submit a letter from my future employer in the area we are moving to for school that shows what my salary will be when I get there.

I have a credit score of 797 (although I am sure this varies depending on the day and the company), enough for a 20% downpayment, and a decent paying job right now. I wanted to buy the house prior to starting medical school, while I still had income coming in for the loan purposes (as they will not allow you to use student loans as income in the pre-approval process).

However, the snag came in the fact that we are buying a home somewhere other than where I work and they want this verification from a new employer which I won't have.

Are there any work arounds aside from buying the home as a "vacation or second residence"?

 

[mshheaddoc]

honestly, no other work arounds. Sorry.