Still being turned down for mortgages, time to lawyer up?

Thus doesn't make sense. My score hangs around 819, cc utilization is less than 1% as I pay any off immediately. No debt, money in savings, and had no problem getting financed for a home. They wanted tax returns for 3 years, bank statements, both typical. Either working with wrong people or some other underlying circumstances because again, this makes no sense at all.

 

He's going in to offices and dying on the cpm hill, instead of doing a simple conversion, and calling it racism.

His credit score calculation doesn't make sense, either.

 

Lawyer up? There is no law that says they have to loan you money.

 

The mortgage industry is heavily regulated by federal laws since the 2008 housing crisis. It's standard among all reputable banks and lenders to require a type of income to certify eligibility. It all plays into risk management, debt to income ratios and credit history. Drivers paid cpm have to be working at least 2 years to show average monthly earnings. The variance in paychecks can have extreme variances and seasonal effects. Banks aren't targeting truck drivers, it's anyone not under salary and wages. Anyone under tips, business income, CPM, and commission are required to show two years of income history before qualifying for a mortgage loan. If your a business owner, the biggest mistake you can make is writing off all your income when seeking a mortgage loan. The bank will look at your gross on taxes, but it's the net that will define your eligibility and if a driver claims less than $30k, they'll be starting the process when they want to report a realistic income. If your a military veteran, Navy Federal always acquires the lowest rates. From there the rest of the banks obtain within 10-50 basis points. Don't base your score of Credit Karma, it's wildly inaccurate but it's good for alerts. The only way to know your true credit score is for a lender to pull it and they will assess in slight variations depending on how the lender's software risk management evaluates your profile.

 

Put 25% down, from a total price on a house, and bank will not care about that 30k "official salary" they will approve mortgage

 

@WildTiger1990
Are you in the financial industry?

God bless every American and their families! God bless the U.S.A.!

The absolute sheer driving force of our national economy - without truck drivers, our entire national economy would come to an absolute standstill - if not outright be dead.

Over the mountains, through the woods, into the valleys, coast to coast, from sea to shining sea - truck drivers can and do go anywhere and everywhere, every day, every night, all year round.

 

If the lender has never heard of being paid by the mile how did they learn you are paid by the mile ?

If that’s the reason they are rejecting you , WHY do you KEEP telling them ?

and I’ve never seen any question on a mortgage application that asked how your paycheck was calculated .
There is a question for your job title .
Just put “truck driver “ in the space
. Include two years tax returns , and the last two months bank statements



and talk to Churchill Mortgage .

Churchill Mortgage | Apply for a Mortgage or Refinance Your Home Loan

and talk to a small local bank as well as the giant monster mega banks
And a mortgage broker

something in this just doesn’t add up .

and congrats on the land purchase
If you got a loan for raw land , getting a mortgage for a existing home shouldn’t have been any problem

loans on raw land are much harder to get since raw land has a much higher foreclosure rate than existing completed homes .

 

What that want to see is a pattern of payments made on time .

if you don’t have any loans , you don’t have a pattern and history of on time monthly payments for them to see

 

A mortgage an be manually underwritten without a loan history by examining the applicants bank records, employment history, rental history and utility payment history.

Many, most, mortgage brokers can’t, won’t or don’t know how, but your home town credit union, bank, or Churchill Mortgage can.