Got The Job? Now Get The Home.

MidWeek Islander (East Oahu) - - FRONT PAGE -

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, salar y, and terms of em­ploy­ment. Also, the bor­rower must have reser ves 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 star ting date for the job is 90 days into the fu­ture, the ap­pli­cant needs at least $9,000 in ad­di­tional reser ves; 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 i nf or­ma­tion, please con­tact any Guild Mort­gage Com­pany branch: Ka i l u a (808) 263-4622, Waikele ( 808) 369- 7153, Hilo ( 808) 933- 1095, Honolulu ( 808) 744- 6420 or go to www. guild­mort­gage. com.

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