Getting a home loan? Bank wont accept my paycheck, company driver

I've had a Quicken mortgage for over 20 yrs, doing a refi now.

love the company ,cheap,easy, fast, no problems.

it's a VA loan ,maybe that's why.

 

What state are you buying in? I used Flat Branch mortgage based in Missouri, they seem to be licensed in about 20 states. It was painless, quick, and zero pressure to borrow any more then I wanted too.

I was so satisfied I used them a year later for a refinance from 4.625% to 2.625%.

 

Union Home Mortgage. Been with them for years and several refinances to get lower rates. Never had a lick of problems being a W-2 driver

 

Find another lender .
Your occupation title and manner that your compensation is calculated is not relevant .

you will need a copy of your last two years tax returns , and copies of your last 90 days bank account statements and copies of your last 60 days paycheck stubs to start .
They will verify your employment with a phone call or email.

Do not borrow any money or make any unusual or large purchases and do NOT make any big deposits or withdrawals in ANY of your checking or savings accounts .

I sold one of my cars right before we applied for a mortgage to scrape up more down payment , and the lender freaked out. The $2,600 deposit almost killed the loan.
I had to send in the bill of sale and write a letter explaining where the money came from.
Right now the housing and mortgage industry is booming and is maxed out.
If you have a 10% down payment and a
Fico score above 700 and a steady job for the last two years , any mortgage place that tells you no, is really just saying they don’t want to fool with it because they are too busy.

we did a first time home buyers loan from FHA with 3% down , but it was a giant pain in the ### . And if I had it to do over I’d just wait and save up the other 7%
But we were in a hurry to get out of our rental situation.

 

My W2 looks very screwy to the uninformed, Quicken questioned me on mine as well, I simply explained it to the desk jockey I was dealing with, he had me write a note explaining the breakdown and email it to him, never questioned it after that, been with them 10 yrs, refi'd 4 times.

 

Good to know about that FHA thing. I'll have to get crackin on some more loads and stay consistent to get that down payment benchmark met. Still keeping an eye on ABQ. But also eyeing that shudderful move to the 303 in case the job search continues to sorrow down here.

 

I second a credit union. Now you folks may be in different situations and locations. I however do not see this as a good time to purchase. Smells like 2008 again. I could be wrong and maybe the housing market won't come down. But I was right the last time. I bought 2 right after the bust. Best investment to date.

 

My lender did the same thing. Sort of.
They had to talk to the office to understand my pay structure.

We're paid by the load and length of load. MILES.

 

I've been getting that vibe too. I was planning on buying again this spring but opted to rent for another year.

 

Your example needs the year's income, too. So if you made $75k with 2500 hours worked, you made $30 per hour.

Another easy way to do this (although NO lender will EVER take this for a loan) is to multiply your cpm by say 90% of your truck's top speed. For an example with big easy numbers, a driver who makes 60 cpm driving 60 mph on average makes $36 per hour.