Less than 2 yrs at Present job and Lender Won't Include Bonus

[GFer]

I have been at my job only a year. Was off for 14 months for health complications. My employment history was very stable before that.

Finally found a local program that says I qualify for the $10,000 DPA. A lender she referred me to (BoA) refuses to count my bonus' that I've earned this past year. They want 24 months worth. My bonus' have increased substantially every month.

Geez! Is there not a lender who will accept this???

Without that which equals almost twice my 'regular pay', I may as well rent! I just really can't see myself in my current situation another year!

Suggestions??

[Anonymous]

They usually require 2 years documented income when it comes to bonuses and the like.  They will be very strict on this since you are coming off a non-working period and ven more so if you are using DPA (which means you are not putting alot of money down).  If you had high FICO and high sown payment and reserves it might make a difference, but it sounds like you just need to wait a bit longer until you can prove the income.

[GFer]

I knew it was too good to be true....(that it could happen now vs next year).

Thanks for the info, though! Appreciated!

[BrianB_The_Loan_Professor]

That is a standard guideline.

It isnt just them

Brian

[DallasLoanGuy]

what did you do before?

was it also commissioned based?

[GFer]

No. It was an hourly  position, as is this. But the company that I work for now allow us to work other projects (sales and collections). We can also work up to 20 hours per overtime a week. I don't, typically. But in December I started working collections and I have since almost doubled my income.

It's so frustrating. Especially today. I found a house (short sale for 124,900). The home is valued at $202,200 just on the tax records. I can only qualify for $100,000 because of this employment situation.

And I only have $5,000 for the down. They are paying ALL closing costs.

I need to quit looking.

[DallasLoanGuy]

bonus is not totally dis-allowed before 24 months on fha.

i would put a full file in front of an underwriter during pre-approval process. not a lot of lenders will do that for you.... they just say no. <= they are wrong.

the bigger hump may that job gap

[Lel]

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@GFer wrote:

No. It was an hourly position, as is this. But the company that I work for now allow us to work other projects (sales and collections). We can also work up to 20 hours per overtime a week. I don't, typically. But in December I started working collections and I have since almost doubled my income.

It's so frustrating. Especially today. I found a house (short sale for 124,900). The home is valued at $202,200 just on the tax records. I can only qualify for $100,000 because of this employment situation.

And I only have $5,000 for the down. They are paying ALL closing costs.

I need to quit looking.

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Don't rely on the county tax assessor to determine the market value of the house. Those values can be way off. The first year's tax assessment is based on the purchase price (at least it is in California), but if the market crumps (as it has around here), then you could have an assessed value that is waaaaay higher than what the house could actually be sold for. Look at comparable sales in the neighborhood.

It's highly unlikely that a lender would agree to a short sale price that is considerably lower than the true market value of the house.