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Home Mortgage - Job Offer Letter?

Old 08-23-2018, 08:16 PM
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Default Home Mortgage - Job Offer Letter?

Quick question, do you get a letter or anything stating that "you're officially hired with expected pay of ____". We got the CJO earlier this week, completed drug test and background check just waiting on indoc date. Trying to buy a house and mortgage company wants an official letter with that information, tried giving them the CJO letter and they weren't happy with that. From talking to other guys that have gone through recently they don't remember anything to that effect. Has anyone else had to deal with this?
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Old 08-23-2018, 08:48 PM
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Id be surprised if any company would write based on a CJO.

Classes could get delayed, stuff could change.

A CJO wouldnt seem to be equivalent to income verification.

Maybe they do have a process for something like that used for commission only sales folks, but even with those guys I would think they would want to see a pretty long income history.

We got a job offer letter, but there was no statement of expected income.

Id rent for a while.
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Old 08-23-2018, 09:11 PM
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Originally Posted by CowboyPilot79 View Post
Quick question, do you get a letter or anything stating that "you're officially hired with expected pay of ____". We got the CJO earlier this week, completed drug test and background check just waiting on indoc date. Trying to buy a house and mortgage company wants an official letter with that information, tried giving them the CJO letter and they weren't happy with that. From talking to other guys that have gone through recently they don't remember anything to that effect. Has anyone else had to deal with this?
Be prepared to fill out lots of paperwork! I bought my house around 2013 and the income verification is very extensive. They pull up all kinds of info on you (cc history, bank balances, kid you beat up at school etc.)

To answer your question, your CJO won't do. If you find a (shady) place that takes your CJO it will get shot down by the underwriters. Lots of places got burned in 2008.

Rent if you have to.
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Old 08-23-2018, 09:21 PM
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Pretty sure youll have to use your income from your current job. They arent going to look at potential future income.
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Old 08-23-2018, 10:20 PM
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Call Dave Devine at NBKC (Kansas City KS), or Marty Medve at Trident Home Loans (Gulf Breeze FL).. They both understand airline pilot income and can help navigate they loan process.
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Old 08-24-2018, 02:41 AM
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Originally Posted by RhinoBallAuto View Post
Call Dave Devine at NBKC (Kansas City KS), or Marty Medve at Trident Home Loans (Gulf Breeze FL).. They both understand airline pilot income and can help navigate they loan process.
I also used NBKC, Bernie Kalmus. I did all that paperwork in mid Jan this year. NBKC was pretty damned good.
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Old 08-24-2018, 07:19 AM
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Originally Posted by OVBIII View Post
I also used NBKC, Bernie Kalmus. I did all that paperwork in mid Jan this year. NBKC was pretty damned good.
Awesome, I'll check in with those guys if this falls apart with the current place. We already signed a contract and had a "prequal" or whatever didn't think it'd be an issue. I told my reserve unit I was going to be PT since they had to know what to do with man-days prior to the FY closing out and I don't want to delay any potential start date at AA. Did drug test/background on Tuesday, background check says it's done and the drug test lady said 48 hours so hopefully we'll get a date soon.
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Old 08-24-2018, 09:34 AM
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Isn't a CJO a conditional offer? How can you do income verification on something that is conditional?

Remember, the underwriters may not distinguish between a CJO from American (pretty dang likely you'll be getting a class date given their level of retirements and overall size) and a much smaller airline (who knows what can happen if economy bumps etc).

Keep us posted if you successfully get underwritten with just a CJO with a conforming or jumbo.
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Old 08-24-2018, 10:10 AM
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Originally Posted by dynap09 View Post
Isn't a CJO a conditional offer? How can you do income verification on something that is conditional?

Remember, the underwriters may not distinguish between a CJO from American (pretty dang likely you'll be getting a class date given their level of retirements and overall size) and a much smaller airline (who knows what can happen if economy bumps etc).

Keep us posted if you successfully get underwritten with just a CJO with a conforming or jumbo.
Will do. I didn't really expect them to take the CJO but I figured if I could show them a start date that would make them happy. We could pay cash for it so that may be what ends up happening at this rate. I just didn't want to have that much cash tied up right now.
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Old 08-24-2018, 03:00 PM
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Originally Posted by CowboyPilot79 View Post
Will do. I didn't really expect them to take the CJO but I figured if I could show them a start date that would make them happy. We could pay cash for it so that may be what ends up happening at this rate. I just didn't want to have that much cash tied up right now.
Pay cash now... cash out refi later once income has stabilized or, or Max out the 401k and the IRAs as soon as possible with the savings from the lack of mortgage payments.
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