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

Discussion in 'Experienced Truckers' Advice' started by trust HIM, Apr 27, 2021.

  1. trust HIM

    trust HIM Bobtail Member

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    Apr 26, 2021
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    hi everyone

    we are attempting to get approved for a home loan and quicken loans ( who i read will approve truck drivers) will not accept my paycheck without a letter of explanation for each line of pay. well, our company, which is a huge, national carrier, does not write such documents for lenders and suggested we move on to the next lender.

    anybody here have a good experience getting income verification with a certain lender? any success stories to share?

    also, our credit is fine, decent down payment ready, ofcourse they can see paychecks are good and consistent ( mostly) but they wont even accept "per mile" pay.
     
    bentstrider83 Thanks this.
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  3. NewbiusErectus

    NewbiusErectus Medium Load Member

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    Jun 27, 2012
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    Did Quicken specifically say your company has to provide that letter? If not, you could do it yourself.

    Do you have a bank or credit union that you’ve used for auto or personal loans? If so, I would have gone to them first.

    Or, as your company suggested, move on to the next.
     
    OldeSkool and bentstrider83 Thank this.
  4. rbrtwbstr

    rbrtwbstr Road Train Member

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    in the bush somewhere
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    I use my local bank for just about everything. Never had any issues borrowing their money. And I usually have an answer within a few hours
     
    lester, JoeyJunk, ncmickey and 2 others Thank this.
  5. ZVar

    ZVar Road Train Member

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    Flint, MI
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    My local credit union. Can't speak highly enough of using a credit union instead of a bank. And definitely don't use a loan service like Quicken I know they are still very predatory. They tried to get me to take out a loan 3x what I budgeted when I was house shopping about 4 years ago.
     
    MadScientist, Opus, snowwy and 6 others Thank this.
  6. Magoo1968

    Magoo1968 Medium Load Member

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    St Malo mb
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    You ever try explaining cpm to a government survey ?? It easier to just bang your head against the wall . People outside the industry can’t grasp the concept
     
  7. Dockbumper

    Dockbumper Road Train Member

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    Are you a W2 employee or a Lease Op? A standard pay stub is easily decipherable. A "Settlement Statement" can be a completely different animal.
     
  8. slow.rider

    slow.rider Road Train Member

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    +1 on credit union over bank.
     
    snowwy, Hatt91, wis bang and 1 other person Thank this.
  9. T.Rucker

    T.Rucker Medium Load Member

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    Jul 31, 2015
    Here and there…
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    Same here
     
  10. Eddiec

    Eddiec Road Train Member

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    So Quicken cannot understand the concept of performance pay? In this case - pay per mile. So they basically exclude mechanics, carpenters and drywall hangers and so on?!
     
    slow.rider Thanks this.
  11. ncmickey

    ncmickey Road Train Member

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    Jun 21, 2013
    Durham NC
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    Another fan of a credit union here.
    We just refi’ed our home and had approval the same day. Good competitive rate also.
     
    MadScientist, Chinatown and slow.rider Thank this.
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