Despite the tightening of credit, it’s still possible to qualify for a mortgage even if you haven’t earned much (or even anything) for a year. Lenders, explains Dan Green, are accepting offer letters — with certain caveats — as proof of income.

The caveats? Cut and pasted from Green’s site:

  1. Provide a non-contingent offer letter, signed by the applicant and the new employer
  2. Provide evidence that the job start date is within 90 days of the mortgage closing date
  3. Provide evidence that the subject home will be a primary residence
  4. Provide evidence that the subject home is a detached single-family residence, townhome or condominium
  5. [Have] sufficient reserves to pay mortgage payments plus real estate taxes and homeowners insurance during the gap between closing and the job start date, plus an additional 3 months of reserves

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