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College = Job History; CD Flexibility w/ Seller Credits

Reminder #1: Borrowers fresh out of college usually do not need a 2 year work history to qualify for mortgage financing. They usually just need an offer letter and 30 days of pay. Technically, their degree program needs to relate to their employment, but lenders are pretty flexible in this regard.

Reminder #2: Seller Credits can change AFTER a Closing Disclosure (CD) is prepared and a new three-day waiting period will NOT be required. A new CD will need to be prepared, but borrowers will not need to wait three more days to sign.

We had a title company refuse to prepare a CD this week b/c the seller credit was not finalized, but it was unnecessary to wait.

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646