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Started By
Message
first time home buyer?
Posted on 5/24/15 at 10:00 am
Posted on 5/24/15 at 10:00 am
How important is job history or length of current job?
3
Posted on 5/24/15 at 10:09 am to Westlakeguy10
Extremely important. You need a two year history or you can be on your first job out of college in your field.
Posted on 5/24/15 at 10:16 am to ds1tiger
You dont NEED a 2 year work history.
Salaried position with 30 days(2 paystubs) you are good.
If right out school, OK with above.
If previous work history(even if recently unemployed) 30 days new salary OK.
However, if tip/bonus/commission/OT heavily paid, then yes to qualify with more than just base salary, you will likely need 2 year history of filed tax returns. Similar rules apply to self employed, 1 year minimum tax return, usually 2.
Salaried position with 30 days(2 paystubs) you are good.
If right out school, OK with above.
If previous work history(even if recently unemployed) 30 days new salary OK.
However, if tip/bonus/commission/OT heavily paid, then yes to qualify with more than just base salary, you will likely need 2 year history of filed tax returns. Similar rules apply to self employed, 1 year minimum tax return, usually 2.
Posted on 5/24/15 at 1:29 pm to SomethingLikeA
So you say you don't need a two year history? So a housewife who hasn't worked in years can go get a salaried job for 30 days and her income will qualify? I doubt many underwriters will put their name to that. There can be gaps in the two year history but you have to show some recent work history other than the current 30 day job.
Posted on 5/24/15 at 3:11 pm to ds1tiger
They track your work history for last two years but wife and I both are 1 year into current salaried jobs and we are fine. We qualified for a lot more than expected but we knew how much we wanted to spend and stayed there. Would rather not be house poor. I believe mortgage/rent should be no more than 25% of net income. Marriage companies will qualify you for 50% of gross income.
Posted on 5/24/15 at 4:23 pm to Westlakeguy10
Depends on what you do. If you're mainly commission based, they'll probably look at it closely. If you are a doctor coming out of residency, but with a letter stating your employment agreement making $250k, I doubt it is as big of a deal.
Posted on 5/24/15 at 5:33 pm to ds1tiger
quote:
So you say you don't need a two year history? So a housewife who hasn't worked in years can go get a salaried job for 30 days and her income will qualify? I doubt many underwriters will put their name to that. There can be gaps in the two year history but you have to show some recent work history other than the current 30 day job.
Yes. With letter of explanation from client and mortgage lender. Have done it many times.
With current guidelines, you're correct and I agree with you, it seems odd underwriting would approve this. While they certainly don't love it, it's accepted.
This post was edited on 5/24/15 at 5:35 pm
Posted on 5/24/15 at 6:33 pm to SomethingLikeA
So if i have been working at a casino for 1 year and moved from another casino where i had been for a year, That would not count if im understanding correctly
Posted on 5/24/15 at 6:59 pm to Westlakeguy10
If my wife doesnt have a income does she have to be included on mortgage
Posted on 5/24/15 at 7:03 pm to Westlakeguy10
I wouldn't think it would be a big deal if you went from Lauberge to the Golden Nugget, if you have a steady casino job. If you depend on tips and go from Lauberge to the Isle of Capri, they might want some documentation.
Posted on 5/24/15 at 9:08 pm to Ric Flair
Yea i came from coushatta,sept 2013 to june 2014 been at the isle since then no gap in work time.
Posted on 5/25/15 at 1:05 am to Westlakeguy10
No, your wife does not have to be on the mortgage. Speak with your title company to let them know you would like her to take title jointly, if you want her on it.
Posted on 5/25/15 at 1:13 am to Westlakeguy10
One way an underwriter will look at this, is that you have 2+ years work history in same field/line of work.
If your income is consistent(didn't decline from '13 to '14) then you should be OK. Even with rules/regs to follow for FNMA/FMAC it can come down to underwriter discretion.
If your '13 W-2/'14 W-2 and tax returns show consistent income, you can explain that there has been no lack of earning potential. Your lender can provide a letter of explanation of why you switched(hopefully not terminated) If it's opportunity for advancement or took a higher paying position, that's good information to provide. I say all this assuming you are a dealer and claim your tips. If you are salary then you dont have as much to worry about
Further backing you, once you provide year to date pay stubs(at this point in the year) should show you have made about 50% of what you made in 2013 and 2014. On pace.
Once again, I have seen done this many times before.
It gets complicated if its 4 or 5 casinos over 2 years and pay slightly declines, those are inconsistencies underwriters 100% do not like.
Ultimately, this comes down to your specific bank or company you are using. Just be upfront when discussing income if your lender hasn't collected the above docs from you yet.
If your income is consistent(didn't decline from '13 to '14) then you should be OK. Even with rules/regs to follow for FNMA/FMAC it can come down to underwriter discretion.
If your '13 W-2/'14 W-2 and tax returns show consistent income, you can explain that there has been no lack of earning potential. Your lender can provide a letter of explanation of why you switched(hopefully not terminated) If it's opportunity for advancement or took a higher paying position, that's good information to provide. I say all this assuming you are a dealer and claim your tips. If you are salary then you dont have as much to worry about
Further backing you, once you provide year to date pay stubs(at this point in the year) should show you have made about 50% of what you made in 2013 and 2014. On pace.
Once again, I have seen done this many times before.
It gets complicated if its 4 or 5 casinos over 2 years and pay slightly declines, those are inconsistencies underwriters 100% do not like.
Ultimately, this comes down to your specific bank or company you are using. Just be upfront when discussing income if your lender hasn't collected the above docs from you yet.
This post was edited on 5/25/15 at 1:17 am
Posted on 5/25/15 at 3:17 am to SomethingLikeA
We left kinder because my daughter needed constant dr care that she couldnt get in kinder. Im actually making more now with another job since my wife stays home. So with casino and my other job i clear about 5k a month. With a 700 credit score i thought that would be good enough.
Posted on 5/25/15 at 9:13 am to SomethingLikeA
If you are in commission...they will take anything ober 1 yr 8 months...
Posted on 5/25/15 at 9:14 am to Westlakeguy10
quote:
With a 700 credit score i thought that would be good enough.
Before 2007, you would have been Golden.
Posted on 5/25/15 at 9:30 am to Coach Guidry
Before 2007, all you needed to do was fog a mirror.
Posted on 5/25/15 at 9:30 am to Coach Guidry
I have gotten approvals off of a verification of employment (VOE) during approval/underwriting (a written one) and then a follow up verbal (VVOE) 24 hours prior to close as a closing stipulation.
I coupled this with paycheck stubs and a copy of/proof of having received a degree 60 days prior. With a Letter of Explanation (LOX) this sailed through UW as income documentation for a completely approvable conventional mortgage.
This is not typical for most folks but just because it isn't doesn't mean it's crazy or wild or suspicious. But it's typical enough that these stipulations are in place to cover for the scenario with many, many lenders who do conventional financing.
Anyone in this thread who acts otherwise is a lender or loan officer you simply need to avoid. Their job is to work with you to achieve your goal. If they don't have the experience, familiarity, knowledge or attitude necessary to work to help you then why do you want them in the first place?
They have been working in a loan bakery. Their little cookie cutter doesn't work unless you have 7 years on the job, 700+ credit and six figures in verifiable, sourced and seasoned assets. You need to avoid loan bakers and find a loan officer or mortgage broker willing to roll up their sleeves, get some dirt under their fingernails and spend the 20-30 minutes necessary writing out a Word document and getting paperwork faxed, signed and faxed or emailed back to get you approved.
Anyone who says it's difficult is a lazy, honestly inexperienced hack who you should be careful of giving your business to.
Sound harsh? Maybe. But am I wrong? Watch and see if any of them correct what I've said...
I coupled this with paycheck stubs and a copy of/proof of having received a degree 60 days prior. With a Letter of Explanation (LOX) this sailed through UW as income documentation for a completely approvable conventional mortgage.
This is not typical for most folks but just because it isn't doesn't mean it's crazy or wild or suspicious. But it's typical enough that these stipulations are in place to cover for the scenario with many, many lenders who do conventional financing.
Anyone in this thread who acts otherwise is a lender or loan officer you simply need to avoid. Their job is to work with you to achieve your goal. If they don't have the experience, familiarity, knowledge or attitude necessary to work to help you then why do you want them in the first place?
They have been working in a loan bakery. Their little cookie cutter doesn't work unless you have 7 years on the job, 700+ credit and six figures in verifiable, sourced and seasoned assets. You need to avoid loan bakers and find a loan officer or mortgage broker willing to roll up their sleeves, get some dirt under their fingernails and spend the 20-30 minutes necessary writing out a Word document and getting paperwork faxed, signed and faxed or emailed back to get you approved.
Anyone who says it's difficult is a lazy, honestly inexperienced hack who you should be careful of giving your business to.
Sound harsh? Maybe. But am I wrong? Watch and see if any of them correct what I've said...
Posted on 5/25/15 at 12:40 pm to GFunk
quote:
have gotten approvals off of a verification of employment (VOE) during approval/underwriting (a written one) and then a follow up verbal (VVOE) 24 hours prior to close as a closing stipulation.
I coupled this with paycheck stubs and a copy of/proof of having received a degree 60 days prior. With a Letter of Explanation (LOX) this sailed through UW as income documentation for a completely approvable conventional mortgage.
This is not typical for most folks but just because it isn't doesn't mean it's crazy or wild or suspicious. But it's typical enough that these stipulations are in place to cover for the scenario with many, many lenders who do conventional financing.
Anyone in this thread who acts otherwise is a lender or loan officer you simply need to avoid. Their job is to work with you to achieve your goal. If they don't have the experience, familiarity, knowledge or attitude necessary to work to help you then why do you want them in the first place?
They have been working in a loan bakery. Their little cookie cutter doesn't work unless you have 7 years on the job, 700+ credit and six figures in verifiable, sourced and seasoned assets. You need to avoid loan bakers and find a loan officer or mortgage broker willing to roll up their sleeves, get some dirt under their fingernails and spend the 20-30 minutes necessary writing out a Word document and getting paperwork faxed, signed and faxed or emailed back to get you approved.
Anyone who says it's difficult is a lazy, honestly inexperienced hack who you should be careful of giving your business to.
Sound harsh? Maybe. But am I wrong? Watch and see if any of them correct what I've said...
I was trying to avoid typing all that. Lol. You and I sound pretty similar in work ethic. Of course we likely both have alot of 740+,6 figure income, 20% + reserves clients, but I take my time and do a lot of behind the scenes work to make it a reality for the less than perfect borrower. I'm sure you can agree as you handle so many issues without your clients even realizing how much work you did for them. Addressing UW issues, investor overlays, FNMA FMAC regs etc.
Good to hear you're out there doing the right thing for clients that have been bounced around from lender to lender because it was "difficult."
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