Luis,
Mr. Keith Sorem is correct, get another lender. My firm AmericaHomekey Inc, is located right here in FT Lauderdale. As a direct lender, we dont require assurances of future employment unless we have reason to believe there will be a problem in the near future. Once I have your application, and other supporting documentation I can get you a Written Commitment Letter within 24 hours, so you wont be wasting time.

Please call me if I can be of further assistance,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469

Luis
The short answer is to find another lender. You as the buyer can shop around. Not all lenders are created equal. You could even post a new question, asking lenders to contact you regarding your needs.

FHA guideline:

"HUD does not set a minimum length of time that a Borrower must have held a job position to be eligible for a FHA loan. The Lender is responsible for documenting the Borrower’s employment history for the most recent 2 years. If a portion of this 2-year period includes schooling, this must be documented, and the full job history will be analyzed.

Borrower’s income must be verified as “expected to continue” for at least the first 3 years of the mortgage. This rule applies for all types of income including for: wage income, disability, retirement, social security, self-employment, child support and alimony and self employed income.

****************************If it is determined during the processing of the loan that the Borrower’s employment and income status is subject to a negative change, the file may be subject to a counter-offer or a denial.*****************************************

Overall job history will be analyzed for both career pathing, job changes for advancement and or wage increases and motivation. The Borrower must document the circumstances for the changes if the file is manually underwritten."

Luis..

As Bob so rightly says, your employer's assurance of future employment could well be used against them and I fully understand their reluctance to sign this - most company's will not sign such a document. It's a shame these days that we all have to think of future litigation when trying to help someone, especially an employee.

However, it is clear that the problem lies, not with your employer, but with this underwriter. It's not Bank of America is it?

Unfortunately the lenders now are paranoid. Noone wants to be the last signature on the file and they are falling over themselves to find an excuse NOT to fund. Also, the major banks are being highly regulated now and they're terrified of making mistakes. I also believe that due to the tremendously high volume of activity that they're dealing with at the moment, they've had to hire inexperienced underwriters.

I've had experience with a major bank whereby the loan officer was great, I had 3 deals with him because he was such a pleasure to deal with but quickly realized that all his hard work and efforts were just wasted because the moment the files got to underwriting, they entered "never never land", where it took forever to say never. Hmm... I see a new advertising slogan there somewhere! :> I won't go into the details but ended up pulling the files to other lenders...... and the loan officer quit in disgust at his own company's underwriting practices.

Talk about "closing the stable door after the horse has bolted".

If you would like to contact me, I can recommend a super mortgage broker who will have the FHA file transfered and find you the right lender and I have a direct lender who also may get this done quickly for you. I recommend you act as quickly as possible so that the files can be transferred ASAP - there is a process in place with FHA that all lenders have to abide by.

I wish you the best of luck and I hope this will work out well for you.

Sincerely,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996

good morning.......it is very common for employers not to sign off on future employment......if they laid you off in the near future......your voe would be all the proof you would need for recourse against him and the company......the larger the company is, the less likely they are to acknowledge future employment....i have done resdidential mortgage financing in s.e. michigan for almost 15 years and have financed many employees of the big three....same here..it is also not uncommon to have a new underwriter that is being overly cautious or perhaps the lender was just audited and is being overly cautious for that reason too....if you are using a mortgage broker....they/we have numerous lenders that will take that same deal and approve it.....just because one underwriter won't budge, doesn't mean the deal won't close.....i hope that helps....bob mcclure- success mortgage partners- plymouth, michigan.....

We understand these are difficult times and that banks need to act responsibly but this may be taking it a little too far. Our recommendation it to be in touch with your state representative or the attorney general's office to make them aware of this policy.

The underwriter is the one that controls the banks money, why won't your boss sign it? Future income is important when getting a mortgage.