Got The Job? Now Get The Home.
Graduating from college or completing your training in preparation for a career, then being hired for that new job are important milestones in life. For many young professionals, getting their first home is another milestone, and the new job may be the critical factor in obtaining a mortgage.
For decades, lenders have required a first pay stub as a condition for funding a mortgage for an applicant with a brand new occupation/job. However, with Guild Mortgage Company’s innovative new program – Professional Loans – a mortgage loan could be closed prior to the start of employment.
This program is also available to applicants transferring to new jobs in Hawaii from out-of-State.
Guild Mortgage Company Hawaii Regional Manager Bill Rizzo said, “This new loan product is designed to allow the loan to close before the start of employment. Our Professional Loans program enables us to offer mortgages to borrowers with an offer for future employment for up to 120 days after the loan closes. Borrowers entering any professional field – including doctors, dentists, teachers, attorneys, accountants, engineers, architects, to name a few -can take advantage of this program.
“Under the terms of this loan, the borrower is not required to provide a pay stub. The basic requirement is that we receive a signed copy of the employment contract with a start date, salary, and terms of employment. Also, the borrower must have reserves or savings for the number of months between the closing date and the employment start date. For example, if the monthly payment is $3,000 a month and the starting date for the job is 90 days into the future, the applicant needs at least $9,000 in additional reserves; this can be in the form of a gift letter or other assets.”
Guild’s Professional Loans are available for fixed rate 30 year and 15 year mortgages up to a maximum of $721,050 in Hawaii. Normal mortgage insurance coverage is required for less than 20% down.
“We believe this new Professional Loans program will relieve some of the stress associated with the process of obtaining a mortgage, particularly at a time when the applicant is starting out in a new job. Guild expects this program to be a permanent offering in our loan products.”
For more information, please contact any Guild Mortgage Company branch: Kailua (808) 263-4622, Waikele (808) 369-7153, Hilo (808) 933-1095, Honolulu (808) 744-6420 or go to www.guildmortgage.com.