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Bummed out Broker, Advise please

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Anonymous
Not applicable

Re: Bummed out Broker, Advise please

Just to add , this was not even typical self employment where I get my own clients or provide services.

It is a guaranteed 40 hr week from one employer ( except 6 holidays in the year and vacation ) and no fixed end date .

 

Anyway - just curious about what you said and I don't know what I could have done differently.

Message 11 of 14
VALoanMaster
Valued Contributor

Re: Bummed out Broker, Advise please


@Anonymous wrote:

Just to add , this was not even typical self employment where I get my own clients or provide services.

It is a guaranteed 40 hr week from one employer ( except 6 holidays in the year and vacation ) and no fixed end date .

 

Anyway - just curious about what you said and I don't know what I could have done differently.


Hi Yaskaz,

 

Unfortunately there really wasn't anything you could have done except maybe call more lenders or do some research on underwriting guidelines. I generally don't like to educate my competition but I'll tell you that you can do a Freddie Mac loan with 1 year self employment as long as you get specific findings from the Freddie Mac Automated Underwriting System. FHA & VA will also allow but it has to be a strong file & it has to make sense. In the OP's case, they've been in the same line of work for a long time so they would be a potential candidate for an approval with only one year of SE.

 

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 12 of 14
Anonymous
Not applicable

Re: Bummed out Broker, Advise please

Thanks!! That is very good to know and keep in mind for the future.

 

I have also worked in same industry for 20 yrs ..and this job change was basically in the same line of products I have been working in all along -  now it is a more advanced design role as opposed to support. 

 

Message 13 of 14
dbrowning
Member

Re: Bummed out Broker, Advise please

Thanks, I will look more into it..

Message 14 of 14
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