Proof of income for VA Loan?

[Anonymous]

To all the mortgage (VA) experts out there:

I'm a physician who will be finishing training this year.  To those who are not familiar with residency pay physicians typically earn around $45-50k each year while in training.  Same applies to me but in 2008 I took home about $95k (which includes moonlighting).

I will be taking a federal physician (public health) job with a starting salary of $145k (sounds like a lot but less than the private sector).   I have a contract from the federal agency that states this salary explicitly. 

Problem is I will be relocating to a new area and would like to qualify for a $400k mortgage.  My new salary will support this (i.e. with respect to debt/income) but my current salary/tax returns will not support this. 

Will a lender approve me based on my new (contracted) salary?  I really don't want to move into an apartment for two months just to get a couple "paystubs" showing the higher salary.

Thanks for any help. 

[BrianB_The_Loan_Professor]

No response is not good news - You have to show income from the new job for Govt loans.

[ShanetheMortgageMan]

There are special mortgages from Bank of America, SunTrust and a few others which are specifically called "Physician's Loans" or "Doctor's Loan", and are for people who are graduating and are entering the medical field.  These loans will allow you to use your future income/employment to buy a home today, as long as you can show you have enough funds to cover all of your monthly expenses (and then some additional reserves) until you start getting paid.   Excellent credit is needed as well as usually a small down payment.  A VA loan does not have that feature though.

[Anonymous]

Hi NewVAloan,

In the "and a few others" category that Shane mentioned above,

try doing a pull in Yahoo! or Google for "physicianloans". No space

between words...all one word. I think you'll be very pleased with

what you find.

Good luck to you!!! 

CanDo

"The right attitude is everything"