So our LO asked for emplyment history.. We need to prove 2 years.
My husband worked for Apple for 6 years (IT/tech support), in May of 2015 he accepted a contract position another big company (they offered all sorts of paid training for some softwares he wanted to work with, so although he knew maybe it wasnt permanent he still took the position) Contract eneded on December 31st, not renewed.. He was on unemplyment until the end of March and got another IT position at the company he's at right now, it's a stable position he is the only IT person for the entire company..
So he's had more than 8 years combined of IT employment.. expecet fot the almost 4 months he was unemployed and looking for a better position.. How do I explain that to the loan officer? What do they accept as employment history?
thanks 
@Katheryne88 wrote:So our LO asked for emplyment history.. We need to prove 2 years.
My husband worked for Apple for 6 years (IT/tech support), in May of 2015 he accepted a contract position another big company (they offered all sorts of paid training for some softwares he wanted to work with, so although he knew maybe it wasnt permanent he still took the position) Contract eneded on December 31st, not renewed.. He was on unemplyment until the end of March and got another IT position at the company he's at right now, it's a stable position he is the only IT person for the entire company..
So he's had more than 8 years combined of IT employment.. expecet fot the almost 4 months he was unemployed and looking for a better position.. How do I explain that to the loan officer? What do they accept as employment history?
thanks
Sounds like your husband has been in the IT field for 8 years. That is what they are looking for - how long he has been in the field and the specific employers he has had over the last two years (start dates and end dates). Explain it to the LO just as you did here.
Gosh I just read my post and so many typos.. wonder when Fico is going to make this a better plataform for mobile users.. anyways....
I guess what I'm asking is, what kind of documentation do I provide for employment history, or do they just want me to write a letter explaining.. should I get w-2s for all that time?
Sorry if this sounds like common sense but we are FTHB and don't know a lot
I guess what I'm asking is, what kind of documentation do I provide for employment history, or do they just want me to write a letter explaining.. should I get w-2s for all that time?
Sorry if this sounds like common sense but we are FTHB and don't know a lot
@cweber29 wrote:Hi Katheryne,
The best thing to do is just make sure the application has accurate timeframes of when he worked where (MAKE SURE YOU INCLUDE THE TIMEFRAME HE WAS UNEMPLOYED ON THE APPLICATION, THERE CANNOT BE ANY GAPS). It's really not an issue at all, but if it's not correct from the beginning they will give you a bunch of bogus conditions.
You will need all W2's and/or 1099's from every job to support it. I would definitely not write a letter of explanation unless/until the underwriter asks, sometimes it can just murk up the water and cause unnecessary questioning. Just make sure the application is accurate and provide the W2's, and you'll be just fine.
lol, you are right. I jumped over a couple of steps. I was assuming the u/w was going to ask for a LOE, but definitely don't provide it without the lender asking for it!
I provided the W-2s for the past 3 years today..
I'm guessing that if they need a LOE they'll let me know that by clearly requesting one, the ways they communicate are a bit weird to me. Why can't they just be obvious!!!?
I'm guessing that if they need a LOE they'll let me know that by clearly requesting one, the ways they communicate are a bit weird to me. Why can't they just be obvious!!!?
The mortgage process has really gotten crazy since 2008 and all of the regulations. I can't really tell you why they're not direct since I'm not involved, but it is very much a "hurry up and wait" process. You will provide exactly what they're asking for, and that will uncover another item i.e. below is something typical that could happen and really frustrate someone in the mortgage process.1. You provide bank statements...that leads to...
2. You have large deposit on it...leads to....
3. You provide that large deposit, and it happens to be a decent sized item you sold on craigslist...leads to...
4. Them asking if that's true, how did it sell for so much. Get them a similar item for sale online to show them it's truly worth that much.
I'm being facetious with number 4, but those are the types of things that open up crazy questioning. It all boils down to 2008. Fannie, freddie, fha, and all these mortgage purchasers sue the companies that wrote them bad loans. In order to avoid that liability, lenders now ask for every little thing that could raise a question so that when **** hits the fan or the worse thing happens (foreclosure), they have proof that they did everything in their power to prove you could truly qualify and deserved to be lent the money per their guidelines.
I do agree with you, it's a pretty crazy process.
I am trying to be very proactive and upfront, especially since e might just be going for a 203k instead now.
What I have a problem with is their language to communicate something.. like just be short and to the point because I understand it's my obligation to provide what's needed and I will do so.
E.g.: 1. Disclosed single bank account - they'll say (documentation from private institution where you keep your assets)
2. Provided bank statement - they'll say (summarized and itemized statement from the institution where you bank)
3. Provided a paystub - they'll say (something really hard and stupid to understand)
What I have a problem with is their language to communicate something.. like just be short and to the point because I understand it's my obligation to provide what's needed and I will do so.
E.g.: 1. Disclosed single bank account - they'll say (documentation from private institution where you keep your assets)
2. Provided bank statement - they'll say (summarized and itemized statement from the institution where you bank)
3. Provided a paystub - they'll say (something really hard and stupid to understand)