Having hard time getting mortgage home loan as a trucker.

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

  1. Numb

    Numb Crusty Curmudgeon

    3,367
    6,519
    Jan 30, 2012
    Charlotte, N.Carolina
    0
    if you are a veteran get a VA loan. best thing to use.
    if your mortgage company can't figure it out. go elsewhere. I have used Quicken Loans for 2 refi's. love them.
     
    joseph1853, SteerTire and Chinatown Thank this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Sirscrapntruckalot

    Sirscrapntruckalot Road Train Member

    Sounds like to me and others the bank your using clearly has issues somewhere.

    Find a new one. It's not that hard. Plenty of places out there. I second USAA if your former military. They are a good group from all I've herd about them from loans to insurance. Most the folks I know who have the option to use USAA do it over the other choices. Also if your military you can try their credit unions. I got my car loan through Navy Federal. Good folks. I submitted an was approved 2 days later. House is different then a car of course.

    Far as loaning to McDonalds employees....if that was true more of them would drive Ferrari's and lambos eh? My local Mc'ds they are driving a lot cheaper vehicles. Then again...only super nice cars I see in fast food restaurants parking lots belong to the owner or customers.

    Good luck, and again...find a new bank.

    Sirscrapntruckalot - I'm glad your happy being a vegan. The more you try to convert me, the more I want to punch you in the face.
     
  4. Chinatown

    Chinatown Road Train Member

    68,027
    142,273
    Aug 28, 2011
    Henderson, NV & Orient
    0
    Navy Federal and VyStar are both good credit unions. I've used both.
     
    joseph1853 and Sirscrapntruckalot Thank this.
  5. Espressolane

    Espressolane Road Train Member

    14,762
    83,568
    Nov 21, 2009
    Just south of the north 40
    0
    Truck drivers buy houses all over the country everyday.

    If the mortgage company can’t get their act together and figure out some simple math, then it’s time to find one that has a clue. They don’t need an hourly rate, they just need an average for what ever your pay cycle is and a monthly and annual income number.

    Have purchased two houses driving a truck. Both closed in less than 45 days.
     
  6. Accidental Trucker

    Accidental Trucker Road Train Member

    3,084
    6,611
    Jun 4, 2015
    0
    For no reason other than asking, why do you want to do a USDA loan? Unless you have no other option, they are a pain in the hiney to get, and can be a REAL PITA when you sell before the end of the term (as they can recoup the subsidized part of the loan on sale).

    Often, conventional loans are not only easier to get, but cheaper and they certainly come with much less strings attached. Almost always cheaper than VA loans.
     
    joseph1853 and adayrider Thank this.
  7. Midwesttrucker

    Midwesttrucker Light Load Member

    169
    191
    Oct 9, 2012
    midwestern state
    0
    "The Squeeze" is a term when the borrower is fed up with the lenders underwriting department and is chewing out the Mortgage Broker who then chew's out the Underwriting Department. In all seriousness just take your business to another lender and save yourself a big headache. Merry Christmas
     
    joseph1853 Thanks this.
  8. justa_driver

    justa_driver Road Train Member

    1,105
    817
    Apr 2, 2014
    Tennessee
    0
    Could just be that Tax laws regarding your particular type of loan are about to change and they are stalling you until they do? Thats what happened to me in 86 before the great Reagan Tax Reform of 86. My house was scheduled to close in April of that year and finally closed one month after the Tax Reform in August,which took away a lot of home related deductions that I wouldve gotten if it had closed when it was scheduled. Im sure mine was not the only one that was set off that year?
     
    Last edited: Dec 22, 2018
    joseph1853 Thanks this.
  9. Tombstone69

    Tombstone69 Road Train Member

    1,010
    1,346
    Dec 20, 2018
    Jersey shore
    0
    The prime rate just went up,2.5%,maybe they were waiting on that.
     
    joseph1853 and SteerTire Thank this.
  10. ZVar

    ZVar Road Train Member

    10,913
    23,803
    Sep 10, 2010
    Flint, MI
    0
    When I got a home loan, it went off the original application date for the rate, not the closing date.
    Loan officer said that's the law (here in MI). I dunno if he was blowing smoke, or was truthful. In either case the rate never changed so I don't know if it would have been an issue.
     
    joseph1853 Thanks this.
  11. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,353
    11,159
    May 28, 2009
    Rancho Mirage, Ca.
    0
    a $7/hr college kid is doing the initial approval on your loan. You need to get past him to further the process.
     
    joseph1853 and SteerTire Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.