Mortgage for new lawyer

Doctors go through a residency program that lenders recognize as work history, regardless of the fact that they didn't actually earn any money during that residency. It's bs, I know. And yes, there are certain programs offer by portfolio lenders (banks who keep the loan forever as opposed to selling it to someone else) that allow for no down payment options. Doctors have it swell, what can we say?As in your case, you would need to approach a portfolio lender with your case (which a loan officer would do for you). If you can prove that you had a residency for two years while in school, they may approve of you with your new income.Email me on this if you have other questions. choward@mbamortgageco.com

First of all, congratulations on your recent accomplishment. There are many programs out there that favor one borrower demographic over another. One of the reasons lenders look at is how a particular class of borrower performs in servicing a credit obligation. I suspect that the reasons certain lenders offer no/low down mortgages to Doctors and not to others has to do with their experience in how those borrowers perform. In the early 70's, I worked collections for a major bank and the default rate amongst medical doctors was virtually nil. Couldn't say the same for almost every other class of employment. Now for your needs, yes it may seem sad that you have to earn the right to get a mortgage, but you do. Most lenders will require that you have worked for your new employer for at least 30 days and provide proof of one month's pay. This generally means that you are looking at 30-45 days from the start of employment to fulfill the requirement. There are lenders willing to forego this requirement by keeping your loan in their portfolio. Generally, this increases your cost, since the loan isn't sold and therefore ties up the lenders ability to re-use the funds for making additional loans. You should work with a local Mortgage Banker/Broker that is local to the property location, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, including those that make portfolio loans, like you need, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Lenders will look at your education as part of your continuity of being in the same line of work.. So if you have 6 years of college as a law major, then you have 6 years in your field, and this would be totally acceptable.. you will need to have worked at least 30 days, and have a pay stub, but you can get a mortgage right away, now waiting, go to the front of the line... this guideline holds true for any individual graduating and going to work in their field of study... but every program out there will require that you actually start working and earning income.. Which is why you need to be there 30 days and have a pay stub.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

This is going to vary from lender to lender. I could probably get you approved as long as you actually start work before the first payment is due. (Former MA resident myself). I am a local based mortgage officer (click on my name for more info) and also licensed and trained through PrimeLending to handle mortgages in most states. The majority of my business is in SC but I frequently work with customers throughout the US and would welcome the opportunity to earn your business. Or, I can help you find a more local loan officer at one of our approximately 200 local offices throughout the U.S. Email: pdumouchel@primelending.com or direct: 843.619.6025

Doctors in their residency generally still have to qualify based on their income during the residency, not what they will be making later. But they do get a pretty great break from many lenders. To qualify you based on your income after passing the bar will require you to have actually passed the bar so that there are no conditions remaining.

You're fine to do an FHA loan with 30 days paystubs. Contact a LOCAL lender and get the process started when you hire on with the firm. Then when you have 30days paystubs you can complete the loan. Conventional loan you are going to need at LEAST 1 full year of work history or you can do what What Christopher suggested with finding a Portfolio lender but don't even think you are going to get near the same rate as a conventional loan. My experience is that they are generally about a 1pt higher. Also, keep checking with Homepath guidelines as they change quite frequently too and there is no MI. I only lend in Utah if you know anyone that needs mortgage help. My number is 801-971-6901 and email is MortgageLendingPro@gmail.com. Thank you. Carlo Sanchez