It's the 2 years in the industry. Doesn't matter where he goes, there are specific underwriting standards for loans
Mortgage questions.
Discussion in 'Trucker Taxes and Truck Financing' started by dngrous_dime, Nov 2, 2017.
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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.”
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.”
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
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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
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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!BoostedTeg and mtoo Thank this. -
Actually, I've been a loan officer and my daughter is an underwriter.
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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
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Iirc, he's a theology major, or was..... -
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.
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Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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