Relocation Package and Your Mortgage in Florida: Using the Offer Letter and the Benefits

Educational content only. This article is for informational purposes and does not constitute financial, legal, or lending advice. Loan programs, rates, and eligibility requirements change frequently. Consult a licensed mortgage professional before making any borrowing decision. Mortgage Capital | NMLS# 1859012 | Licensed in Florida.

A relocation package mortgage Florida transferees arrange uses the new employer's offer letter as income and the relocation benefits toward closing costs.

The timing between the start date and the closing date is the detail that trips up files. Our guide to moving to Florida and getting a mortgage covers the broader move.

Qualifying on an offer letter

Agency rules allow closing before the start date with a non-contingent offer letter.

See our guide to new job mortgages in Florida.

The start date must be within a set window after closing, often 60 to 90 days.

Reserves must cover payments until the first paycheck.

Salaried offers are easiest; commission and bonus need history.

What the letter must say

Position, salary, start date and that the offer is accepted and not contingent.

A signed acceptance.

Any conditions such as background checks should be cleared.

The lender may verify with HR before funding.

Ask HR for the letter in the lender's format.

Relocation benefits

Lump sum, direct reimbursement or a managed programme.

Benefits paid to you are assets once received.

See our guide to large deposits and source of funds in Florida.

Benefits paid at closing by the employer are treated like a credit.

Document the policy.

Employer-paid closing costs

Many packages cover some closing costs directly.

See our guide to closing costs in Florida.

The lender needs the relocation policy and the amount.

Employer contributions are treated as interested-party or as borrower funds depending on structure.

Florida doc stamps are often covered.

Selling the old home

A guaranteed buyout from a relocation company removes the sale contingency.

See our guide to bridge loans in Florida.

Without a buyout, the old payment counts until it sells.

A pending sale contract can exclude the old payment at some lenders.

Bridge financing covers the gap.

Two housing payments

If the old home has not sold, both payments count in your ratios.

See our guide to maximum DTI in Florida.

Renting the old home out needs a lease and sometimes equity.

See our guide to using rental income to qualify in Florida.

Reserves for both are required.

Temporary housing

Many packages include a few months of corporate housing.

Use it to shop in person and close without pressure.

See our guide to buying sight unseen in Florida if you must close before arriving.

A lease in Florida is not required for the mortgage.

The offer letter carries the file.

Loss on sale and tax gross-up

Some packages reimburse a loss on the old home.

Relocation benefits are taxable income and often grossed up.

The IRS moving expense rules changed in 2018 for most employees.

The gross-up does not count as qualifying income.

A tax adviser handles the return.

Military relocation

PCS orders serve the same role as an offer letter for VA loans.

See our guide to VA loan requirements in Florida.

BAH counts as income.

See our guide to VA loans for a second home in Florida for the old-home question.

Florida has several major installations.

Physician and executive packages

Signing bonuses and stipends need documentation to count.

See our guide to physician mortgages in Florida.

Physician loans accept contracts before the start date with long windows.

Executive relocation often includes a managed home sale.

Bring the whole package to the lender.

Credit from another state

Your credit follows you; nothing changes.

See our guide to credit score tiers and mortgage pricing in Florida.

A credit freeze from your old state must be lifted.

See our guide to credit freezes and your mortgage in Florida.

Update your address after closing.

Florida costs to expect

Insurance well above most other states.

See our guide to Florida homeowners insurance cost.

Property taxes reset at purchase.

No state income tax offsets some of it.

Ask the lender for a full payment estimate with Florida figures.

Timing the closing

Close before the start date if the letter allows, so you move once.

Close after the first paycheck if the lender requires it.

See our guide to closing date delays in Florida.

Rate locks must cover the chosen date.

Build in buffer for the old home's sale.

Relocation company lenders

Packages often name a preferred lender.

Using it may be required to receive certain benefits.

See our guide to mortgage brokers versus banks in Florida.

Compare the preferred lender's quote to an outside one.

The benefit may not offset a worse rate.

Documents to gather

Offer letter, relocation policy, benefit summary, old home listing or buyout agreement, two months of statements.

See our guide to underwriting conditions in Florida.

Recent pay stubs from the old job.

A letter explaining the move.

The file is unusual but routine for lenders who see relocations.

Where to start

Get the offer letter and relocation policy in writing.

Decide what happens to the old home.

Then get a pre-approval timed to the start date and the old home's sale.