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Letter of employment for mortgage

I am half way through my loan on buying my home in the new state. My husband was transferred and I had to sell my home and buy a new one. He is currently living in my truck till the home closes. I told my employer 3 months ago I need to transfer. I put in applications at the new location boss told me to pull it, it's to early he says. Now I have no home in 4 days so me and my kids are couch surfing for a few weeks. The lender wants a transfer letter stating my job is not at jeopardy and that my salary will stay the same (I'm buying the house my husband cannot because his credit is bad, we just got married so I haven't fixed much of his.) The position I applied for has been filled and no longer available... so if I transfer now then I will take a pay cut from manager to sales associate. Which will effect my pay just not sure by how much.. so if I move the kids with the husband and stay here till I have a management job open will the deny my loan because I didn't move in right away? Do I risk the pay cut effecting the possibility of not being able to get this home. What exactly do they need in Vegas for transfer and income. Is it just a letter, an email when do they call? Will they call my current store? Will the call my new store? by katelandt24572 from Spanish Fork, Utah. May 31st 2018 Reply

Dan Paladin (dpaladin)
#1 ranked lender in California - 741 contributions

Wow, lot's of stuff going on. So hopefully I can cover your questions. 1) Lender will need to confirm transfer with income and qualify at that income if it drops it could effect if you qualify.2) Lender will always check right before close of escrow to confirm your employment.3) If you stay, rent will be factored into the debt ratio along with the new purchase which may cause your debt ratios to go to high. Hope this helps.

Jun 1st 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

These are questions for your lender.. but based on the info you provided, there are some potential problems.. First, if you are applying on your own.. you have to have sufficient income to service your existing debt load including the new housing payment.. 2nd, it's possible the underwriter will allow you to stay in UT while your husband and children move into the new home.. but that's not a guarantee. additional, if it is allowed, then what ever you pay for rent while you stay in UT will have to be added to your ratios.. this could put you outside of the allowable DTI. Now, if they don't allow it.. and you make the move, take the pay cut to sales associate, then depending on how you get paid could present another problem. Typically, managers get a base pay, plus a bonus based on overall sales.. But sales associates often times have commissions. If by taking the sales associate job, you go from base plus bonus to hourly plus commissions, then lending guidelines require that you have a history of receiving commissions for 2 or more years for the commissions to be considered.. This could be a problem.. If you have already committed to selling your current home.. then you might need to think about renting vs. buying until your employment situation gets' cleared up.. But ideally, you need to reach out to your loan officer and let him know everything.. since he has access to your complete file, he can advise you... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 1st 2018
Dianne Joaquin (Dianne)
#87 ranked lender in Texas - 11 contributions

We have Loan specialist ready to discuss this with you. Please feel free to call me anytime 210-317-4454Thanks, Dianne

Jun 12th 2018
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