Better chance with a strong relationship with a bank?????

[Anonymous]

Has anyone every felt they were trated more fairly  with a loan from their bank which they had built a strong relationship with?

I travel a lot in my profession (Pipe Welder) and have been betting dinged with a mortguage loan offer over my income. It doesent matter what my income is on my tax returns she can only use my "base wage" from my employer of 40hr a week even thou I uaually work 60-80hr a week. My weekly pay stubs prove that. Ontop of only using 40hr worth of income she "has" to deduct all my writeoffs from my returns from the 40hr a week income. Thats not fair because those writeoffs are inline with 52 weeks of 60-80 hr weeks. NOT "BASE WAGES"...

Thinking of applying with my bank later down the road when all the credit ducks are lined up for a hardpull.

[Anonymous]

You may want to try a bank/CU that doesnt sell their mortgages. If they retain and service themselves they can get around FHA guidelines. You can ask if they sell em or not.

[StartingOver10]

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@Anonymous wrote:

Has anyone every felt they were trated more fairly  with a loan from their bank which they had built a strong relationship with?

I travel a lot in my profession (Pipe Welder) and have been betting dinged with a mortguage loan offer over my income. It doesent matter what my income is on my tax returns she can only use my "base wage" from my employer of 40hr a week even thou I uaually work 60-80hr a week. My weekly pay stubs prove that. Ontop of only using 40hr worth of income she "has" to deduct all my writeoffs from my returns from the 40hr a week income. Thats not fair because those writeoffs are inline with 52 weeks of 60-80 hr weeks. NOT "BASE WAGES"...

Thinking of applying with my bank later down the road when all the credit ducks are lined up for a hardpull.

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From your post, it sounds like your LO doesn't know what she is doing.

If you are working with a big box bank - get away from them immediately.

Find a correspondent lender that does nothing but mortgages (lots of good ones out there). Correspondent lenders underwrite and fund their own loans.  Then after you close they usually sell the loan to be serviced by one of the big box banks (best of both worlds!).

Note:  it is true that your business deductions that you tax off on your Federal income tax forms will have to be deducted from your income, however, if you have been working overtime for 2+ years (IIRC) then the overtime can be used if your employer says it will continue. Speak to someone knowledgeable.

[Anonymous]

That what she said but in my industry i switch companies few times a year. Nothing to have 3-4 W2s from different companies. Even thou my actual income is double what they can "use" (40hr). No way i can have a 2year strech with the same company.

What is a "box box" bank please???
The LO i went and saw does only mortgages and works with several banks. She independent middle man i guess.

[StartingOver10]

It is not the number of companies you work for during the year, it is if you are in the same profession. As long as you can document your income and you are in the same profession she should be able to work with it.

Is your lender a mortgage broker or a mortgage banker?  A mortgage broker puts the package together and then finds a lender to underwrite and fund the loan. A mortgage banker (correspondent lender) underwrites and funds the loan and then you close (then they sell the loan).

IMO you are far better off with a mortgage banker (correspondent lender) than a mortgage broker. Having said that, the individual LO is the key. If they are knowledgeable you will be able to work it out, if not it will be difficult.

A big box bank = Wells Fargo, BOA, Chase, PNC, etc.Where they have essentially application takers that aren't well trained LO's for the most part (not 100% but many have little to no traning in the mortgage business).

And, as stated by the other poster, you may want to go with either a portfolio lender or small regional lender where they underwrite and fund their own loans and keep the servicing. Small regional lenders are very small - usually in one or two counties only. They have niche products and may be able to help you.

If you need a referral to a correspondent lender, PM me.

[Anonymous]

Startingover10 she is definitely a broker... Thank you so much. I now see the difference. I will need to seek a banker.