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Getting a loan - Contract Employee
Posted on 7/1/11 at 9:44 pm
Posted on 7/1/11 at 9:44 pm
so my buddy went in for a loan consult and because he is a contract employee (personal trainer) they refuse to count his income toward his debt to income. any suggestions on programs he should go through. he has 20% to put down but because his weekly paychecks are up in the air they cant justify his yearly salary.
1
Posted on 7/1/11 at 9:50 pm to CE Tiger
quote:
so my buddy went in for a loan consult and because he is a contract employee (personal trainer) they refuse to count his income toward his debt to income. any suggestions on programs he should go through. he has 20% to put down but because his weekly paychecks are up in the air they cant justify his yearly salary.
No contract employee can ever own a home
This post was edited on 7/1/11 at 9:51 pm
Posted on 7/1/11 at 9:57 pm to Gutterman81
quote:
No contract employee can ever own a home
I've got a good buddy that was making 3-400,000 as a contract employee on a yearly basis for the last 5 years easily and had trouble getting loans due to him being self employed.We would ride to work together on occasion and he would bitch like crazy about how shitty banks loan officers are.
Posted on 7/1/11 at 10:04 pm to C
He needs to realize it's not bank loan officers, it's the bank policies that they have to abide by.
Posted on 7/1/11 at 10:24 pm to C
quote:
had trouble getting loans due to him being self employed
Was it b/c he was self employed or what he was reporting to the irs every year....funny how people love to report less to the irs but when it comes to trying to prove income (like some fishermen during the bp spill) they have a hard time.
If someone is self employed making 3-4 hundy a year (and report it) with a 5 year history and descent credit trying to buy a reasonable home (500k?) with a good down payment they will close within the month, period.
What people tell you and whats really going on are usually never the same.
This post was edited on 7/2/11 at 9:03 am
Posted on 7/2/11 at 8:40 am to C
If he was making 300-400k per year, why didn't he just set some money aside and buy a place outright?
Posted on 7/2/11 at 10:16 am to Bayou Tiger
I'm a contract employee and self employed and have never had any trouble getting a loan.
Posted on 7/2/11 at 10:54 am to guttata
This might sound crazy, but over time the banks had more trouble with ICs paying their notes over employees persons.
Sucks for your friend, but that's just the Banks responding to the additional credit risk.
However, with a low enough LTV most banks will lend to anyone.
Sucks for your friend, but that's just the Banks responding to the additional credit risk.
However, with a low enough LTV most banks will lend to anyone.
Posted on 7/2/11 at 10:54 am to guttata
he worked directly for a oil and gas company so he wasn't hiding his income from the IRS.
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