Skip to main content

Home-buying dreams dashed because my employment is W2 contract-based even with stellar credit and low debt. Do I really not have any options?

I was working with a mortgage consultant who didn’t want to do a pre-approval, he wanted me to go straight to underwriting to see what they would say about my situation. I just recently changed careers from social work to software development making a lot more initially with that number expected to rise. My credit score is in the excellent range and I only have federal student loan debt a little over the national average.

Their first problem: My offer letter lists my pay as hourly and they said they need to see a guarantee of full-time.

My solution: I got a letter from HR outlining that I would be 40-hours full-time.

Their second problem: When they called HR they didn’t like that they gave them a contract end date. Now they’re saying my income is not stable.

My issue: How is being on a contract an issue when no employment is guaranteed plus the contract is likely to get renewed and if not, they just place me elsewhere.

I called another mortgage place for a second opinion and he said I’m likely to have the same issue with them.

Yesterday I cried because for 10 years I’ve done nothing but keep my debt low and keep a good rental track record and a good credit score without so much as a late payment all in anticipation of getting a home. Now that I have the salary to match I’m being told none of this is good enough because my employment doesn’t fit neatly into a box. The first mortgage consultant literally told me “if you had a salary we’d have no problem issuing the loan” but that’s unfair because many people have different payment setups.

Is this it? Do I really not have any recourse or is there a lender out there willing to work with me?

submitted by /u/alienposingashuman
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1l8qpl4/homebuying_dreams_dashed_because_my_employment_is/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more