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Off to Bank of America Today!

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jmoore87
New Contributor

Off to Bank of America Today!

Well, I'm just about to head out the door for a meeting with a LO from Bank of America. At the beginning of last month, my mid score hit 645, and I was off to the races with a LO from a local bank. Brought in all of my paperwork and all of my employment information. When the LO sent it to underwriting, I got an automatic decline because my job verification showed that I work for a staffing agency. I think underwriting assumed that I was a 1099 employee or something.

 

I decided to call a local BoA loan officer and explained the employment situation to her. Before I even finished explaining, she said "Yeah, you're a W2 worker for a staffing agency. We understand that you're basically contract-to-permanent. If you get a permanent offer at the end of your contract period, great! Otherwise, you're staffing agency sends you off on another contract at equal or greater pay." I'm really optimistic that she seemed really familiar with this, and she seems enthusiastic to start working on the loan. My situation is kind of complex, in that I have a condo that is mildly underwater. I don't plan on selling it, so I need to qualify with both mortgage payments factored into the DTI. Fortunately, on just my salary alone, this puts me right on the edge of 50% DTI, not including my wife's income, who only has a $100/month student loan.

 

I'm pretty excited for my meeting with her. I'm tired of hearing bad news, so I really hope this one will go through! Wish me luck!


Starting Score: 614
Current Score: 643
Goal Score: 700


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2 REPLIES 2
sleauxmeaux
Valued Member

Re: Off to Bank of America Today!

Good Luck!!! Hope it works out for you Smiley Happy

Message 2 of 3
jmoore87
New Contributor

Re: Off to Bank of America Today!

Thanks! I left the office with more optimism than I went in with. Earlier this year, I left a job that I had been at for 6 years, and I left on excellent terms. They still have me doing contracting work for them, which has averaged about $450/week in addition to my primary job. I figured, I haven't been doing this a full year, so there's no way I can use that income to qualify. I brought some of the pay stubs anyway, just to see if I could use them as compensating factors or anything. I described the situation to the loan officer, and she all of a sudden said, "If you've worked at this place for 6 years, I'm almost certain you can use this side job as qualifying income!" She's going to run it by the underwriter tonight, and have a yes/no on pre-approval sometime tomorrow morning.

 

Credit scores came back as passing, so things are looking good so far. If I can get that extra income to qualify, that completely washes out the mortgage payment that I have to keep paying on my underwater property! If it doesn't qualify, it's certainly not a deal-breaker. I'm finally to the point where I'm excited for a potential "yes"!


Starting Score: 614
Current Score: 643
Goal Score: 700


Take the myFICO Fitness Challenge
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