I am a mortgage loan officer, and the majority of my borrowers are pilots both military and commercial.

There are three boxes you have to check when qualifying for a loan; 1) Credit Scores 2) Debt to Income Ratio and 3) Asset verification as needed. Even if you knock it out of the park in one category (i.e. exceptional credit scores or a lot of cash assets), if the 3rd section does not meet minimum requirements, it is tough to obtain an approval.

You mentioned you have job offers for employment starting this summer. Fannie Mae / Freddie Mac underwriting guidelines for Conventional Financing do state you have to produce at least one pay stub to qualify for a Conventional Mortgage.

However, VA will allow you to close with a Signed Offer letter showing your start date, position, and guaranteed wage.

Every bank can have additional underwriting overlays like Pen Fed's 43% debt ratio you mentioned or the requirement for 2 pay stubs. That is not the case with every lender.

Any chance you are looking to obtain a VA loan? Sounds like it could work for your situation.

Let me know if I can be of help! Amy Stuhr Paterson 800-375-8096 x 0190
National Bank of Kansas City