Well – go ahead and buy a house. If you are getting a FHA Mortgage Loan, you will need to have at least 30 days of paystubs before you can close. So if you have a change in employment of any kind… this applies. (read don’t change jobs while you are in process!)
For most loan programs, we just need ONE paysub, but for FHA we need a full 30 days of paystubs… this really doesn’t make sense sometimes. We have a customer that just graduated from Vet School, she’s worked as an Intern for 2 years (so it’s not like it’s her FIRST job)! She wanted to purchase her first home, and close for the tax credit.
Well, her new job doesn’t start until July 1st. If she could get a “non-revocable” contract, then I think the underwriter would have allowed it to close… but who is going to give someone a “non-revocable” contract!?!? I mean we didn’t just find this out, we knew it within 3 days of taking the loan application, but still, I’ll bet there ARE tons of people who are trying to close in time of the Tax Credit, and for some small little reason they can’t.
If you are ready to purchase a home in NC, and you are looking for a FHA loan – give us a call! We know the FHA guidelines, and if there’s a way to make your situation work, we’ll help you get closed!! Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058. We answer First Time Home Buyer Questions!