Getting a loan for a house with a new job?

Question

My husband and I are about to graduate college and we are wanting to buy our first home. We were approved for a smaller loan than desired due to the money we make at the moment. Is there any way to get approved for a larger loan since we will be making much larger incomes in the next couple of months?

We also have amazing credit. So that isn't an issue.

We would just stay where we are now until we have been at our new jobs for a while, but we are living in student housing and you only have 45 to live there once you graduate, so that isn't an option.

Thanks!

Answer 1

You can get a loan today.  TOday's rate is 6.5% for people with extra income.  You can pay 7.9% as a premium because of your lack of income. SOunds terrible but you can refinance after 12 on-time payments .... and you will have jobs then. GO ahead.

Answer 2

you can qualify for bigger loan only after you graduate and you start the new job. after your employer will confirm, that you are on permanent position - the underwriter will consider your future income for your approval.

Answer 3

A lender is gonna offer you a interest only loan or an adjustable rate loan.

Go find an FHA lender in your area, talk to a specialist, they got good programs and have less requirements.

it's the best loan you can get for your first home.

Answer 4

I'm afraid most loan programs look at your last several months paystubs as proof of income. No credit is giving to pay raises that "may" happen in the future.