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Info needed on stipulation from UW for USDA Guaranteed Loan

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Posted 01 May 2012 - 05:55 PM

I previously posted this in the credit forum and thought it more appropriate for this forum.

Some background - My fiance graduates Vet School this weekend and is in the process of purchasing her first home. Seeing as she is a new graduate and has no down payment, the USDA loan is very attractive. She currently has a contract with a Veterinary Hospital to begin working 6/1/2012 as a Veterinarian. She provided the notarized contract along with her paperwork for underwriting. Today, she received word back from her Mortgage Broker that the loan was approved but the underwriter is asking for 30 days of pay stubs before giving the clear to close. He said an employment contract is generally accepted for other loans and isn't sure why the UW would ask for pay stubs, other than it possibly being a mistake on the UW's part. She is currently under contract to close by 5/30.

My question, to anybody with USDA Guaranteed Loan experience, is this: Has it been your experience that an employment contract has been sufficient? Keep in mind, this contract states the annual salary and the start date of 6/1/2012.

Thanks for any assistance!

#2 Brian B The Loan Professor

Brian B The Loan Professor
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Posted 05 May 2012 - 08:43 PM

Never -

30 days is common 1 paystub with a professional letter will sometimes be enough
but I have never heard of anyone getting a loan JUST with a letter stating they have a job lined up


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Posted 07 May 2012 - 02:27 PM

Never -

30 days is common 1 paystub with a professional letter will sometimes be enough
but I have never heard of anyone getting a loan JUST with a letter stating they have a job lined up

Hi, Brian, and thanks for your response. To expand a bit, this isn't a letter stating that a job is lined up. It's a legal employment contract. Maybe that makes no difference, but maybe it does. Thank you, again.

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