Less than 2 years of work history , please help

[Anonymous]

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!

[r1lukasz]

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

[vlaw1084]

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

[Anonymous]

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@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

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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!

[r1lukasz]

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

[Anonymous]

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.

[StartingOver10]

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.

[Anonymous]

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!