Mortgage lenders for truckers….

Discussion in 'Experienced Truckers' Advice' started by Lennythedriver, Oct 25, 2021.

  1. Lennythedriver

    Lennythedriver Heavy Load Member

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    I posted here about two years ago that I applied for and was initially approved for a home mortgage. Later when my loan package reached the underwriter it was rejected because I work as a truck driver and am paid by the mile instead of hourly. I am a company driver and not A 1099. HOWEVER, The lender still kind of views it like that because you’re paid by the mile and so in their logic if you’re not driving you’re not making an income. I fought with them and tried to explain it but they didn’t care. My credit score is over 800 by the way and I have no debts. I have over 50,000 saved and it should’ve been a slam dunk but they still denied me. They told me I had to be able to show two years worth of IRS tax returns as a CPM truck driver and then I would get approved.

    fast forward it’s now been over three years. I have three years worth of tax returns. And so should have no issues.

    looking for recommendations on who you might’ve used to get approved for your home loan as a paid per mile truck driver?
     
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  3. Chinatown

    Chinatown Road Train Member

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    Are you a military veteran? I financed a house and a car with USAA Federal Bank.
    ~
    One time, I had no idea what I was doing, and walked into a bank and told the lady I found a home for sale and need to finance it. The bank lady said, ok, fill out this paperwork.
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    One driver on here went with Rocket Mortgage.
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    There's a few former mortgage lender employees on this forum that are now truck drivers.
    ~
    Someone will post soon that has more knowledge than I do about this subject.
     
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  4. Lennythedriver

    Lennythedriver Heavy Load Member

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    Not military. :-(… I almost feel like it was some kind of discrimination the way I was turned down. I’ve never been turned down for any type of loan in my entire life. I’ve always maintained really good credit. And always lived debt-free. Even the past homes that I have a mortgage I paid them off within 3 to 5 years. But nope! No dice! Simple answer was, it was because I was paid by the mile.
     
    D.Tibbitt and Chinatown Thank this.
  5. Chinatown

    Chinatown Road Train Member

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    The time I walked into a bank and asked for a home loan; I learned a hard lesson.
    Found a real nice home that had been a model home in a sub-division. It was framed in California redwood.
    Had a full professional beauty salon in the basement.
    The loan was approved. Started packing to move. Went to the bank to close and my loan had been disapproved because I bought a car. Had no idea that would affect my home loan, but it did. Learned a hard lesson.
     
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  6. Lennythedriver

    Lennythedriver Heavy Load Member

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    That’s brutal! I wasn’t quite that far along when they denied my loan but I had the 90% approval letter and given my history I didn’t see any reason why I possibly could be disapproved. The home I was buying had my offer excepted.

    so this time I want to be sure it’s fully approved
     
    Chinatown Thanks this.
  7. pavrom

    pavrom Road Train Member

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    It doesn't matter whats your profession ! All you need is right person who can do wonders . When i was purchasing my property i had 2 agents from the same bank , one said its impossible and another one just did the job at unbelievable fixed rate .
     
  8. Chinatown

    Chinatown Road Train Member

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    Fixed rate is important. Adjustable rate is a sneaky way for banks to repo the house and resell it.
     
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  9. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    You need to try a different mortgage company. Try Rocket Loans (formerly Quiken Loans) With you credit score and down payment you should breeze through.
     
    WesternPlains Thanks this.
  10. Lexuslane

    Lexuslane Bobtail Member

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    Yep

    After we had applied for a first time home buyers mortgage , I sold one of my vintage cars to help out with the expenses .

    They almost cancelled my mortgage approval because I deposited $2,800 in my bank account .
     
    Chinatown Thanks this.
  11. Lexuslane

    Lexuslane Bobtail Member

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    I wouldn’t tell Them how you’re paid .

    Just show the two years tax returns and last 90 days pay stubs .
     
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