CLOSE ON A HOME IN UTAH BEFORE YOU START YOUR NEW JOB

CLOSE BEFORE STARTING NEW JOB OR RECEIVING CERTAIN BENEFITS
 
CONVENTIONAL LOANS / Fannie Mae / DU / ONLY NOT FREDDIE MAC
Client can close 45 days before receiving first paystub or benefit
(Social Security Income for example)
Rate Lock must be good through the day the borrower receives
their first paystub or first months receipt of benefit
DU Approval
 Non-contingent employment contract/offer letter
or awards letter for benefit
 1014 statement stating the borrower will provide
30 days of paystubs or proof of benefit receipt
after closing ( Bank will prepare for borrower to
sign)
 Full WVOE after they start to go with paystubs

Jumbo / No AUS required
For professionals relocating, 30 days most recent
paystub can be obtained post-close subject to a
satisfactory employment contract review and approval
by PCM Senior Management
4For professionals changing jobs locally, a first paystub
is required pre-close, 30 days most recent paystub can be
obtained post-close
 
VA/DU, LP or Manual Underwrite
Client Can close within 60 days of starting new job
Must be in same line of work or same line as military
experience or schooling
 120% residual required if DTI is over 41%
Documents needed:
 DU / LP approval or Manual UW guidelines met
Non-contingent employment contract or accepted
offer letter
 1014 statement stating the borrower will provide
30 days of paystubs after closing 
 
USDA/GUS or Manual Underwrite
Can close within 60 days of starting the new job
Borrower must be in a similar line of work
Documents needed:
 GUS approval or Manual UW guidelines met
 Non-contingent employment contract or accepted
offer letter
 1014 statement stating the borrower will provide
30 days of paystubs after closing (BANK will
prepare for borrower to sign)
 Verify that the applicant will have sufficient
income or cash reserves to support the mortgage
payments and any other obligations during the
interim between loan closing and the start of
employment

FHA/DU, LP or Manual Underwrite
Can close within 60 days of starting the new job
Borrower must be in a similar line of work
Documents needed:
DU / LP approval or Manual UW guidelines met
 Non-contingent employment contract or accepted
offer letter
1014 statement stating the borrower will provide
30 days of paystubs after closing