MortgagesUndressed

1- You generally need a 2 year work history doing what you do. Recently graduating from college counts if you go into the field you studied.

2- If you are on commission you must use an average of two years. However if your trend is downward you may have to use the recent numbers, and too far downward could disqualify you.

3- Recently changing careers may or may not be problem. If you change from being a Computer analyst and are becoming a life insurance sales person, go back to number 2.

4- It is a very bad idea to change your employment during the loan ap process. Lenders check with your employer the day the loan is funded. You must still be working there. Gads, I had that happen with a client, and trust me, it is a problem, the loan may not close.

5- Even if you graduate as a dentist and will have no problems getting going, have several practices to join,, your job must be documented. A pay check does that not a letter from the Dentist.

6- Don’t count on a liars loan, aply named stated income. You cannot be a school teacher and state you make 399,999 per year. Underwriters are obviously smarter than you if you try this.

7- Consider it fraudulant in the eyes of those that can put you in jail if you quit your job the day after you close and do something scary like starting a .com, and obtained the loan documenting a stable job like government worker.

8- Again consider it fraudulant if you have a significant change at work, during the loan process, and don’t disclose it.

9- It is ok to persuade your employer to give you the raise you deserve and have been hesitant to ask for, so you qualify for more home. Just know, your pay stub is the documentation of it.

10- If you have good credit, all of this is out the window. You can pay a higher rate and get a loan based on that good credit.