topic Re: Less than 2 years of work history , please help in Mortgage Loans

Less than 2 years of work history , please help

r1lukasz — Wed, 25 Jul 2012 00:17:27 GMT

I have fico score 782 downpayment about 5% but only 1.5 years on job , my 2011 w2 was 44000 loking to try get preaproved for a 150k home , is it possible this year or I have to wait till I have 2 years of work history

Re: Less than 2 years of work history , please help

webhopper — Wed, 25 Jul 2012 00:57:29 GMT

If you were in school before working; that may be considered a mitigating factor... you should talk to a lender before ruling yourself out of the mortgage market

Re: Less than 2 years of work history , please help

r1lukasz — Wed, 25 Jul 2012 01:08:49 GMT

no I was not in school

Re: Less than 2 years of work history , please help

webhopper — Wed, 25 Jul 2012 01:22:25 GMT

Were you previously working in same line of business or were you unemployed?

Re: Less than 2 years of work history , please help

r1lukasz — Wed, 25 Jul 2012 01:32:25 GMT

I did work (selfemploy) but that was cash on side and I just never file 2010

Re: Less than 2 years of work history , please help

StartingOver10 — Wed, 25 Jul 2012 01:40:35 GMT

If you are going for a mortgage, you will need to file taxes for 2010 unless you fit the IRS standards showing you don't need to file. Otherwise you will be turned down without having filed your taxes.

Re: Less than 2 years of work history , please help

r1lukasz — Wed, 01 Aug 2012 03:15:14 GMT

So I just file my tax for 2010 gross income 30k, my 2011 was 43k I have no debt no payments all cc are paid off with ficco score transunion 774 and equifax 771 how much I can get for preaproval?

Re: Less than 2 years of work history , please help

Anonymous — Wed, 01 Aug 2012 16:07:42 GMT

Your best bet is to talk to a loan officer. The loan officer will guide you and answer all of your questions!

Re: Less than 2 years of work history , please help

StartingOver10 — Wed, 01 Aug 2012 17:11:48 GMT

@r1lukasz wrote:
So I just file my tax for 2010 gross income 30k, my 2011 was 43k I have no debt no payments all cc are paid off with ficco score transunion 774 and equifax 771 how much I can get for preaproval?

You might consider waiting until 2013 to buy. The only reason I mention that is for strategy: 1) you will be able to show 2 yrs income and 2) if you file your 2012 taxes right away in 2013 (Jan) you will only have to show two years tax returns (2011 and 2012) and not the late filing for 2010.

Also, your average income will be higher because you are probably making the same amount (or more) for 2012 than you did for 2010.

It will avoid some issues and really 6 months is not long to wait.

OTOH, if you really want to buy now, go to a mortgage banker and see if they will underwrite you with the 18 months of employment history. It will be rough for you with only 18 months so make sure to bring that up to them right away before they pull your credit and before you give them a full application.

Re: Less than 2 years of work history , please help

r1lukasz — Fri, 03 Aug 2012 03:00:19 GMT

great news I am preaproved in chase bank 150k 3.375 apr FHA thats the only bank I try so far

Re: Less than 2 years of work history , please help

Anonymous — Sat, 10 Nov 2012 20:07:11 GMT

I do have a bit less then 2 years work experience. I was also preapproved by Chase at 3.250% on 175,000 loan. My question is, did you actually buy a home yet? I hope you did! The process is so nerve racking! HA!

Re: Less than 2 years of work history , please help

r1lukasz — Sat, 10 Nov 2012 20:37:26 GMT

I did file my 2010 taxes so I have full 2 years of employment , did not want to take a chance risking with only one year , you will get preaproved but underwriter will order transcripts and then you are done. Curently Im undercontract, closing date 12/14 inspection is done and aprisal is on monday I ditch Chase and went wits Wells Fargo

Re: Less than 2 years of work history , please help

vlaw1084 — Sun, 11 Nov 2012 13:33:21 GMT

If you covered over to a w-2 employee for fiscal year 2011, you should be fine. Your job will verify that you should be gainfully employed for the next 3 years so that should make them feel more comfortable with the loan. If your going FHA, make sure your funds are in the bank for closing they will be looking at that as well.

Re: Less than 2 years of work history , please help

Anonymous — Sun, 11 Nov 2012 22:19:46 GMT

@vlaw1084 wrote:
If you covered over to a w-2 employee for fiscal year 2011, you should be fine. Your job will verify that you should be gainfully employed for the next 3 years so that should make them feel more comfortable with the loan. If your going FHA, make sure your funds are in the bank for closing they will be looking at that as well.

J
I have been a student full time since fall of 2010. I started a small business in feb 2011 which i still operate now. I have been employed full time since feb 2011. I have 16k to put down on the house and another 20k in reserve for closing, various fixes, and safety net funds. Im not worried about money obviously its more about the bank taking a chance on me. I actually went under contract today. im going to stick with chase and see how it pans out. Any advice im glad to hear it! glad your finally getting into a place also!

Re: Less than 2 years of work history , please help

r1lukasz — Sun, 11 Nov 2012 22:54:24 GMT

here is some more info ,reason I ditch chase : when my aplication went to chase underwriter he pull info from irs , form 4506-T and they want 2010 2011 and curent paystubs from 2012 there was no data on 2010 and underwriter DENIED my aplication , so I file 2010 with irs and wait few weeks till they process taxes and transcript be available , after that I just went to Wells fargo and they give me lower rate than chase , end of story

Re: Less than 2 years of work history , please help

Anonymous — Mon, 12 Nov 2012 14:40:46 GMT

chase told me they need at least 45 days to close which is giving me hell. we went under contract yesterday and the seller wants to close no later then Dec 15th which would be impossible with our current option. I am going to call wells fargo tomorrow and see what they say.

Re: Less than 2 years of work history , please help

StartingOver10 — Mon, 12 Nov 2012 15:11:00 GMT

Doesn't matter what Wells says - its what they do. They take 60 to 90 days to close a loan.

Chase takes 45 days to close FHA, but occasionally they will close it in 30 (rare).

If you go to a mortgage banker, they can get it done in 30 days.

As to the 4506-T all the lenders require them now. That's why I said earlier in the thread you had to file 2010 taxes before you made application with a lender. Changing the lender is not going to change this particular requirement.

Re: Less than 2 years of work history , please help

Anonymous — Tue, 13 Nov 2012 23:21:18 GMT

I am going with RI Housing now. Its a great place here in Rhode Island that does some awesome loans. They are a bit more flexible then most lenders too from what I am hearing and seeing. Our closing is for Dec 20th or sooner (thats actually how it is written too!) so we shall see!