Mortgage questions.

Discussion in 'Trucker Taxes and Truck Financing' started by dngrous_dime, Nov 2, 2017.

  1. dngrous_dime

    dngrous_dime Road Train Member

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    I've contacted several people in the banking industry regarding this question, but as soon as they find out I don't yet qualify for approval, then I may as well have leprosy. I need to have two continuous years of cpm pay to qualify for a mortgage, but the more important question I have at this point, is what about switching jobs before that magical two years?
    I know the banks want to see stability, buy I may have a chance to make an extra $10K/yr. I've been with my current employer for 20 months now, but I've heard "no job changes in last 6 months" is a requirement.

    Anyone have any insight?
     
  2. truckthatpassesyouby

    truckthatpassesyouby Road Train Member

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    Don't quit. Lenders won't like it all.

    It may be possible to prove to the lender that your job switch is essentially the same and you will need to prove your increase in pay in writing and/or by submitting every check so that they can see this.

    But typically, lenders don't like this because they need the stability of you maintaining a job more than you earning more.

    Best thing would be to apply for a loan when you hit the minimum requirement, keep your job until you get a home. Then get a different job.
     
    longbedGTs Thanks this.
  3. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    Almost every lender for a mortgage is going to want so see 24 months at the same place. 24 months at the same residence as well.

    Now here's a free financial tip. If you can't swing a 20 year mortgage, don't do it. Keep saving until you can. If you can do a 15 or a 10, even better.
     
  4. dngrous_dime

    dngrous_dime Road Train Member

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    Shorter mortgage is better, I agree, but in this area, that puts us way out in BFE. We're trying to find the lowest priced home we can, while still meeting our criteria. Just because we might get approved for something doesn't mean we can afford it.
     
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  5. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    Just squirrel away enough until you can put 20% down, and get a 20 year. The difference in a 20 year opposed to a 30 on an average house, say $150K, is going to be about $80K you won't pay for the same house.
     
    dngrous_dime Thanks this.
  6. luckystar

    luckystar Light Load Member

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    We did a refinance . Lender told us we could change jobs as long as it was in the same field of work it didn't matter.
     
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  7. MysticHZ

    MysticHZ Road Train Member

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    2 years in the same type of job. How long within a specific job will depend on your credit score and the cash assets you have.
     
  8. jbatmick

    jbatmick Road Train Member

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    Go to a mortgage broker,they will shop around for a deal that will work for your situation ( ROCKET MORTGAGE is an example ).They can find a lender for any situation.
    Forget the banks for now.
    Make your payments for a year, then go to a bank for a better rate.
     
  9. dngrous_dime

    dngrous_dime Road Train Member

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    I've done that. As soon as they know I'm not eligible RIGHT NOW, they ignore me and my questions.
     
  10. jbatmick

    jbatmick Road Train Member

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    Ok, I guess I am wrong. Just have seen some folks with worse problems than you have get money for a house, but they had to shop around.
     
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