Hello,
I guess I am just a worry wart. I am currently in contract for a home that I was supposedly pre-approved for. I say supposedly because I am thinking more pre-qualified than pre-Approved because I filled out the information on the application and the lender ran through Automated underwriting after i discussed with them and read verbatim of what my current pay situation is on my pay-stub came back with a pre-approval letter which included a letter to give to realtor of where I had to to stay under. It also shot out conditions such as appraisal, tax returns etc... . but none of those documents have been "verified". However I have been completely open and honest and I don't have anything complicated that I would want to hide anyway.
My issue isn't my credit because without a mortgage my Debt:Income is 8% and my median score is 786 with my highest being over 800. I have plenty of money for downpayment plus over 6 months of payments for the mortgage. I was also a home owner for almost 4 years, We sold to re-locate to where I am now. I personally feel I am an Ideal candidate for a mortgage. But here is where I begin to worry. Even on the back end I am at about 36% with the potential mortgage i am going for. This will be a conventional.
So a little history. From 2004-2010 I was enlisted in the military and immediately after took a job that paid very well and I made an aweful alot of overtime because of manning shortages so my income from this company was alot higher than what my actual salary was. I worked in this job from 2011-2014 and left to change careers. I spent 1 month in school to get CDL and then I failed a health assessment with a truck company so was sent packing but had a backup plan and went to work for a car dealership until I was able to correct what i needed to do and then joined the truck company. However due to a family issue I was unable to commit to the job and then ended up taking another sales job but had to relocate due another unfortunate incident. So I spent 3 months unemployed because of this however I was selected for a job but couldn't start as I had to pass through pre-employment security checks and so I officially started this job in July in the career that i left in 2014 or my original field. I have been back in my field since then but took another position in another state and am planning on staying there for the long haul. I explained all this and was told this shouldn't matter. I am including it for a more detailed situation. In my working life I have spent less than 6 months unemployed.
So that is where my concern comes in. When you look at my employment history you will see stability in the field that I am in now as I have been in this line for about 10 years. Its what I am good at doing and so I wrote up some LOE's as directed but my concern comes that my income was unusually low for 2015 due to the job situation I had. Right now moving forward I will be making double of what I did last year but won't be as high as when I was with my company from 2011-2014 but in time will allow me to make more than what I was making.
So in a nutshell I am guessing my worry is 2015 and the rough 8 months I had. I could have spent that time unemployed but did what i could do to get by until I got back on my feet back in my original career field but wanted to give sales a try which turned out to be unsuccessful. I am worried because my income was unusually low due to the above story but am back on track and stable again and I am afraid that they will see that and go wow this guy is all over the place.
I just want an unbiased 2nd opinion because I feel my loan officer will tell me what I want to hear because they are on my side. I appologize if this is hard to understand
So quickly my goods,
Excellent credit
Low debt(Actually have a net worth thats positive not negative)
Have satisfactory mortgage history
And downpayment and 6 month or so reserve 2 years with a car that is paid for.
Am going for a lot less than what I qualified for in automated underwriting.
Not so good(Opinioned)
Job history stable but from October 2014-July2015 kind of job hopped but am now back in my primary career.
Income irregularity from that time. It's all verifiable but I am worried about a 1 dimensional thinking process here.
Made more money at job from 2011-2014(alot of overtime, but hourly rate was higher too. But in that defense cost of living was higher in that area of country)
Just looking for a 2nd opinion.
