Having hard time getting mortgage home loan as a trucker.

Discussion in 'Experienced Truckers' Advice' started by joseph1853, Dec 21, 2018.

  1. joseph1853

    joseph1853 Heavy Load Member

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    I'm trying to get a usda loan for a home in the country on some land. I've given the mortgage company colonial national mortgage all the paper work (bank statements, pay stubs, w2's, employment verification forms from past 2 employers, tax returns for the last 2 years, blood sweat and tears lol etc. there saying that there having a hard time verifying my income from the employment verification forms filled out by my previous employers. I've been at my current job for just over a year and my previous employer for over 3 years. Apparently if they don't have an hourly rate they can't figure out what I make which i find odd considering they have w2's from both employers and tax returns which state total income for the year..Any of yall had similiar issues with verifying income in trying to get a mortgage loan? my current employer pays by the mile and per stop and per pick up and they say that's fine but my previous employer paid a percentage of the load which is were there having the issue..
     
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  3. buddyd157

    buddyd157 Road Train Member

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    they should be able to get your yearly income from SS..

    i was "once told", a solid 5 year employment at THE SAME employer, works better than moving around.

    you too can get your yearly earnings from SS, just go to their website, sign in, and get it.

    then take that to the bank.
     
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  4. Midwesttrucker

    Midwesttrucker Light Load Member

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    Heck you provided them everything. Maybe look at another mortgage company to get your loan. If anything the individual underwriter that's doing the income verification has the quirk. Get a hold of the mortgage broker to give the underwriter "The Squeeze". Either way your were paid on a W-2 and not a 1099. So them trying to figure percentage of the load would be pointless. Again you have a W-2 to present them. Call the broker to give the squeeze.
     
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  5. joseph1853

    joseph1853 Heavy Load Member

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    Dec 12, 2010
    Waco, TX
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    I gave them my tax returns which have the totals for the year.. So there saying they need a breakdowns for how im getting paid and for what?
     
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  6. ZVar

    ZVar Road Train Member

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    If they can't figure it out, go to another lender. My credit union had no problem with how I'm paid.
     
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  7. joseph1853

    joseph1853 Heavy Load Member

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    Dec 12, 2010
    Waco, TX
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    What's "the squeeze"?
     
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  8. rbrtwbstr

    rbrtwbstr Road Train Member

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    Find another lender. It sounds like You gave them everything, and now they wanna drag their feet.

    I've never had this issue for mortgages, but I did have the bank give me the run-around on my wife's car. Same situation, they wanted all documentation on my income. I gave it to them, and they said they couldn't figure out my hourly wage.

    So I went elsewhere, and ended up with a better deal anyway.
     
  9. STexan

    STexan Road Train Member

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    Do you have any “pay stubs” from that job? Those should somehow indicate in some detail what is being paid and the rate.

    I’m always leery of W-2 employers who provide pay stubs with little or no detail
     
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  10. Gdog66223

    Gdog66223 Road Train Member

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    Mortgages and banks wanna see hourly because for some reason they think its guaranteed pay...well you can get fired just as easy if you owned a business and the business failed, but they don't see it that way... a macdonalds employee making $7.50 an hour would have a better chance of financing a Ferrari more over than an O/O would by getting a 2 story home loan... all because of the hourly rate...
     
  11. Rideandrepair

    Rideandrepair Road Train Member

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