re: Mortgage question

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Completely inaccurate.

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Two years averaged income plus year to date is the standard for a conforming mortgage. There may be exceptions but 2 months of that type of income isn't going to be one.

Never heard of this. My wife is a speech language pathologist (fancy name for speech therapist I guess) and gets paid hourly by the hospital. She always has 40 hours of work per week. We just put her annual income on the documents and never got questioned.

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And I'm sure she had to supply W2's and paystubs. Hourly isn't the issue here. It's length of employment most likely combined with work history.

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When we applied for pre-approval, she was in her position for 4 months. She had a W-2, but it was from a previous job.

OP said his wife works hourly which is why they won't count her income. My wife is hourly...that is a similarity of importance

ETA: I guess I should have added that my wife would not get 40 hours if she didn't always have patients. Its a large hospital so she always has patients.

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No it isn't. Your wife had a w2 from a similar job, correct?

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changed industries...taught the same stuff but was salaried in a totally different field (school system vs hospital)

The w-2 had no merit going forward since it was known that my wife no longer worked that position. It was required to prove employment, but they couldn't use that as a future gauge of her income since it was a different job

Try to find a lender that still has an in house underwriter

Provide the contract that states 32 hours minimum pay and her pay stubs. They should at least count her income at around 1660 hours annually.

I put 5% on a conventional loan that was closed in March.

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VABuckeye

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Two years averaged income plus year to date is the standard for a conforming mortgage. There may be exceptions but 2 months of that type of income isn't going to be one.

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I can write an LOX with a copy of her job offer w/details re: rate of pay & minimum hours, a paystub, a verbal and written VOE, and a copy of her degree and get her qualified conventional. Whether you want to call it an exception or not what you said is inaccurate.

You've been using your cookie cutter a bit too long. That's what I hate about the industry. That type of advice-to me-is like staring down your nose at younger borrowers or folks who went to school later on and have just altered their life with a radical income increase.

These people don't deserve some flippant response about, "Well, no..." and then a dissertation about what you prefer to get a quick, painless, frictionless preapproval and underwriting process.

What people deserve is someone who knows how to get things done-legally and ethically-in situation where some sleeve-rolling and dirty fingernails may be required in order to do it.

Your comments were inaccurate, they're a disservice to a significant segment of mortgage customers and they detract from the discussion in my opinion.

This guy needs help in figuring out how to get things done. Not some bland, arcane advice from someone who doesn't want to WORK to help someone achieve a goal. Which is the job description in this biz-which many folks have forgotten.

/endangryrant

EDIT: After reading this it sounds harsh and condescending. For that I'm sorry. I am truly frustrated by what I feel is a general laziness in the mortgage profession. However my comments still stand despite my apology.

Find a local bank with its own money to lend...my self-employed husband (with a steady contract gig, most of his pay is 1099 income) and I have never had a problem securing a mortgage (house, lot, construction) using LOCAL LENDERS. His P&L statement & contract employment agreement were problematic for the mortgage brokerage we approached, while the local bank was more than accommodating. Esp if you live in a rural area, relationships still matter.