Posted on: 12th Aug, 2008 02:57 pm
is there any lenders that will give us a loan if my husband is not at his job for one to two years?...we are trying to qualify for a loan on a manufactured home we want to purchase. The problem we are running into is my husband is a truck driver and most of the lenders I have talked to want him there for at least two years since he is paid based on the percentage pay on the loads he delivers. Is there any way around this?
Hello and welcome to the forum. Unfortunately, given the current conditions, that's going to be a tough one to get around. Lenders want that two year track record to average his income. It's possible the automated underwriting engine may come back an ask for only one year, depending on your situation, but the human underwriter may then want two years, depending on the lender, so that doesn't really help. Stated and no income loans are a lot tougher to find these days, too. Sorry I'm not more help for you.
Hello tatertot! welcome to the forum.
Sounds very similar to a sales rep who earns commissions as part of his/her pay. Most lenders want you to have been there atleast long enough to provide proof of the commission on a tax return. Without that they can't really calculate your debt to income ratio. Hopefully one of the mortgage specialists will be around with some better info.
Good luck
Sounds very similar to a sales rep who earns commissions as part of his/her pay. Most lenders want you to have been there atleast long enough to provide proof of the commission on a tax return. Without that they can't really calculate your debt to income ratio. Hopefully one of the mortgage specialists will be around with some better info.
Good luck
Yes, that is true, Scott. I am a mortgage originator and as a matter of fact, I just had a loan declined because the borrowers have not been at their jobs long enough. In my scenario, the co-borrower had started working at a nail salon about 5 months ago and earns some hourly base pay but also commissions (she works in a nail salon) and the underwriter said she wanted to see at least 12 months' employment and a tax return before they would consider her income. Also, the other borrower on this loan is a W-2 employee and has verifiable hourly income but due to his short length of employment (just a few months also and no prior history in this field) the underwriter said they want to see at least 12 months for him also.
FHA is very strict about bonus income comission income or overtime. They all require two years taxes to be documented. There is no way around this.
Good Luck
Brian
Good Luck
Brian
