Mortgage questions.

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

  1. MysticHZ

    MysticHZ Road Train Member

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    It's the 2 years in the industry. Doesn't matter where he goes, there are specific underwriting standards for loans
     
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  2. jbatmick

    jbatmick Road Train Member

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    It can be done. FHA rules allow it, so some lenders must also, I would assume.


    HUD 4155.1 Chapter Four Section D is our source, and according to Chapter Four:




    “To be eligible for a mortgage, FHA does not require a minimum length of time that a borrower must have held a position of employment. However, the lender must verify the borrowers employment for the most recent two full years, and the borrower must



      • explain any gaps in employment that span one or more months, and
      • indicate if he/she was in school or the military during the most recent two full years, providing evidence supporting this claim, such as college transcripts, or discharge papers.”
    According to FHA loan rules, your loan officer may be permitted to make allowances for seasonal work or employment patterns that are typical in certain types of industry such as construction or agriculture. These must also be documented. Lender standards may apply here, so if you have concerns it’s best to discuss them directly with the lender.

    The FHA has specific requirements for documentation of employment gaps and other related issues--these are explained in Chapter Four.

    “When analyzing the probability of continued employment, the lender must examine



      • the borrowers past employment record
      • qualifications for the position
      • previous training and education, and
      • the employers confirmation of continued employment.”
    The FHA lender isn’t automatically going to rule out an applicant who has frequent job changes if those changes meet certain criteria. According to Chapter Four, “...favorably consider a borrower for a mortgage if he/she changes jobs frequently within the same line of work, but continues to advance in income or benefits. In this analysis, income stability takes precedence over job stability.”

    Have you been searching for a job for a while? Have you returned to employment? “A borrower’s income may be considered effective and stable when recently returning to work after an extended absence if he/she



      • is employed in the current job for six months or longer, and
      • can document a two year work history prior to an absence from employment
    It can be done.
     
  3. MysticHZ

    MysticHZ Road Train Member

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    Two different things ... employment history is not the same as career history. You change careers lenders will want an established track record in that career/line of work. Go changing lines of work/careers and all bets are off on everything you posted.

    General rule is 2 years. But an exceptional credit score, large down payment - 30% plus - and significant assets on hand excluding those used for the down payment and you might, might get away with being in your new line of work for one year.

    Here's your two keys ... As soon as one changes their line of work, lenders default to the 2 year requirement.

     
    Last edited: Nov 5, 2017
  4. Scooter Jones

    Scooter Jones Road Train Member

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    Man, I've always been impressed by all the doctors, lawyers, counselors, etc., on this forum posing as truck drivers.

    Guess I can add mortgage underwriting experts to the list now! :)
     
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  5. MysticHZ

    MysticHZ Road Train Member

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    Actually, I've been a loan officer and my daughter is an underwriter.
     
  6. Gunner75

    Gunner75 Road Train Member

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    Get a mortgage broker, it'll save you a lot of time and issues, I got turned down times al using a va loan, went to a mortgage broker and was approved no sweat
     
  7. mtoo

    mtoo Road Train Member

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    Edit; bad joke and deletedo_O
     
    Last edited: Nov 5, 2017
  8. dngrous_dime

    dngrous_dime Road Train Member

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    For that, I would ask @TROOPER to TRUCKER
    Iirc, he's a theology major, or was.....
     
  9. dngrous_dime

    dngrous_dime Road Train Member

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    And I'm trying to use VA loan, so those FHA rules are irrelevant. I'm focusing on paying down debts rather than saving up a down payment.
     
  10. TROOPER to TRUCKER

    TROOPER to TRUCKER Prayer Changes Everything

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    I inherited my home and needed to get a 30k add on for a mortgage. My problems were no house plans existed since my grandfather built it all . So I was originally denied until I retained an attorney. Tax forms proves what you would need. Hope this helps.
     
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