On behalf of my fellow truck drivers I am considering taking legal action against mortgage companies who are clearly now discriminating against truck drivers for how they are paid. Although I don’t think it has anything to do with “how they are paid”. For those of you that remember I posted a thread about two years ago that I had attempted to get a mortgage and was declined because I was paid by the mile. I was told I needed three years worth of tax returns because essentially it looked to the government like I was a general contractor. Not being paid by the hour or a salary.
a little on me.
My credit score then and now still remains somewhere between 810 and 820 consistently.
I’m trying to buy home for less than 200,000 of which I have $60,000 down. I have zero debt. Literally I owe nothing to nobody. I have never been late on a single payment to anyone anywhere at any time in my life. I have owned four homes throughout my life all of which I have paid off in full.
The mortgage officer I spoke to yesterday said to me “in my 30 years of working in my position I have never dealt with someone paid the way you are.“ I completely told this guy off telling him there’s about 4 million people were over the road truck drivers who are paid by the mile in America there is no way it’s possible you haven’t ran into one of us.“ He just didn’t want to work with me. Fine. Rocket mortgage yesterday, same thing.
I also now have the three years worth of tax returns all related to the same job type, which is truck driving. Which is what I was told I was declined right before closing on a house by the underwriter two years ago.
I know there’s other drivers out there who have managed to secure mortgages based on my post a couple years ago. But the fact of the matter is we struggle and have to go above and beyond and go through some weird unusual process to get a mortgage. That’s discrimination. I’m looking to speak to some lawyers this afternoon. If they can’t offer a home mortgage to me, probably in the top 99% of secure and financially responsible people they will ever encounter, then who are they giving loans to? After all we are just them “dirty truck drivers”
Still being turned down for mortgages, time to lawyer up?
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Message me for the contact info. Me and like 50 truckers I know, all bought houses using the same lender, over the last 10 years. They specialize in truckers. They ask for tax returns, proof of job, bank statements and all that stuff, but don't care about the way you get paid, as long as money come to the account.
if you were a local and paid salary or hourly, it would be much different.
they NEED to see a consistent weekly income. at the most, a very consistent monthly income.
in the world of OTR, you really cannot guarantee the bank a regular consistent weekly paycheck of the SAME dollar amount.
you can call a lawyer, a doctor, a dentist, or an Uber driver, but it is what it is, and it is NOT discrimination.
save up more money for an even bigger down payment, or even a cash sale, or switch jobs.
one more thing too, if you are single, this "could be" another problem. if you had a spouse, that person would be able to get the loan, as your co-signer, 2nd owner on the mortgage.
it is what it is.
keep trying all the banks in your area. i'd personally stay away from any "online" banking.
best of luck, i DO wish you well.
I remember the thread vaguely.
The first mortgage we applied for I recall similar problems - I think it was due to the 'per diem' part of the paycheck/tax return.
We deal with US Bank exclusively, and have bought and sold a few houses with them since, during which time we had changed employers and were strictly mileage pay W2.
I hope @DUNE-T has a good contact for you. Good luck.
I had the same problem couple years back when applying for a loan... Actually anytime i have applied for a loan for anything its always problems... Great credit, over 750 never missed a payment on anything, over 100k in the bank account... Seems like they dont like to finance people who have their #### together.
Your 65,000 a year ain't good enough OTR.
That local dump truck driver working for 16 bucks
And hour, with no benifits, is the big money their looking for.
We've been getting paid by the mile for a 100 years.
Millions of drivers have bought homes,
All my driver friends own homes,
What's your problem.
Nobody has to loan you money.
It's there money.
Cash is still king.
It beats your credit score everyday of the week.
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