Dan Hartman of Province Mortgage just shared his experience with a financing program that is well suited for anyone relocating for a new position at the University of Connecticut, Eastern Connecticut State University, Windham Hospital or any local industry. As is often the case, a new hire comes to the area and looks for a home to purchase but has yet to receive their first paycheck. This is a problem for a buyer when a lender requires 30 days of pay stubs. Because of this requirement, some new hires end up renting when they relocate and buy shortly after, which is an inconvenience that can be avoided with the use of this program.
Province is now able to offer financing to these buyers who will start their jobs up to 90 days after the closing providing the buyer can meet the following criteria:
- Unconditional hire letter detailing start date and salary
- Additional reserves covering the number of months from the closing date to the work start date
- Financing up to 95% available for single family homes and acceptable condos
The rates and costs associated with this program are the same as any other circumstance.
This program could be an excellent choice for anyone relocating to the area with the promise of employment and could come in handy when the UConn Technology Park brings in new hires.
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The post Excellent Financing Option for Relocating University Faculty appeared first on Home Selling Team Blog For Mansfield Storrs CT Real Estate.