Home Buying in Houston>Question Details

LuvforTX, Home Buyer in Houston, TX

Looking for portfolio lenders or any lender who is flexible in terms of W2

Asked by LuvforTX, Houston, TX Wed Oct 23, 2013

I have 13 months of paystubs as a W2 employee same field 2 different employees in that period, low debt to income ratio, more than 20 percent down on first home loan between $200k-250k and mid credit score of 740 & I am unable to get financed because I don't have 2 yrs of employment and only one W-2? I am not self employed but do work as a contractor with fixed hours & Gross income on paystubs so far in 2013 is 100k . Everyone wants to run my credit report and impact my points but is hesitant to offer approval. Need an in house underwriter or person experienced in handling this situation who can look at my case and if required verify my assets. If possible I can put up to 35% down if it makes my profile look better. It will not impact my savings.

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Answers

8
Something is missing, I approved a guy that didn’t have ANY w2’s, he was just released from prison, it was very easy to verify his residence for the previous 2 years.

Just reading your question it says you have worked two different jobs in the last 13 months, if you had 2 or more jobs in the 11 months prior to that stability could be an issue. Again, not always a bad sign, I approved a guy once that had 8 different jobs in the previous 2 years, but always a move in the right direction. What you have described should not get a loan declined so my guess is, there is something else that triggered it.

The lender is supposed to provide you with a written Notice of Action, which explains why they rejected the loan application. If they didn’t, ask for a copy.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
2 votes Thank Flag Link Thu Oct 24, 2013
Thanks for your reply. It is not an issue about verification of residence. The situation is complicated and after talking to tons of LO there are very few who understand it completely. For better understanding people have to know what hourly employee on W2 means? It is not a regular FT job (no benefits etc) neither it is 1099 contract work for self employed. It is like contract work where you get paid on W2 for the duration you worked with the employer. Since it is hourly, job period of 3-6 months is normal if not longer atleast in consulting. So the original broke didnot reject the application but didn't want to move forward because he was inexperienced in this situation and just said that he could pre-approve me on everything else BUT not with being a contract worker. Thats the reason i am looking for someone who is experienced in getting loans for folks similar to my situation. Hope this makes sense
Flag Thu Oct 24, 2013
We have a portfolio program that will fit your scenario. If you haven't found anyone to work with yet, please call or email me. Thank you.



Anna Maria Durr, NMLS 266699
CodeMark Financial, LLC
4500 Highway 6, Sugar Land, TX 77478
281-592-0667, anna@codemarkfinancial.com
1 vote Thank Flag Link Thu Oct 24, 2013
I have great local lenders that I use that you can talk to. Send me an email so I can send you the list.

Good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
robertk@remax.net
1 vote Thank Flag Link Thu Oct 24, 2013
What were you doing before this job? Were you in school or the military? Unemployed? Or just doing something else?

Contract work should be fine so long as it is stable and your paychecks are hourly/salaried as opposed to commission based or deriving from bonuses.

Here is what the actual Fannie Mae underwriting guide says:
A minimum history of two years of employment income is recommended.
However, income that has been received for a shorter period of time may be
considered as acceptable income, as long as the borrower’s employment profile
demonstrates that there are positive factors to reasonably offset the shorter income
history.

Compensating factors that may help your cause:
Heavy reserves (if you have the capability to put down more money - your own savings rather than a gift
Minimal use of credit
Low debt to income ratios
Low payment shock - your proposed house payment is about the same as your current rent payment

You may also want to look at FHA financing if you need to get in now as opposed to waiting until you have a 2 yr history. It will cost you more now but you can refinance later.

We can probably hook you up with a portfolio loan but the terms would not be as good. I would prefer to try and get you an FHA or conventional loan.

I'd be glad to have my people look at things for you. No underwriter will review things without a complete application though. This means pulling our own credit report and reviewing all income and asset documents. They don't review it bit by bit because unless they have the full picture they cannot accurately provide a decision.

Tony

Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842

tony.grech@pmac.com
1 vote Thank Flag Link Thu Oct 24, 2013
Tony,

I have sent you a detailed email with my situation. Thanks
Flag Thu Oct 24, 2013
LuvforTX, email me and I can send you the name of a good lender that might be able to help you. She has helped other buyers in difficult situations (or out of the box) I should say.

Connie Inmon / RE/MAX
connie@connieinmon.com
713-542-2845
1 vote Thank Flag Link Wed Oct 23, 2013
I can easily get you approved for FHA or conventional if your w-2'd, check out my site or shoot me an email so I can have a lender call you to get you a pre approval..
0 votes Thank Flag Link Thu Oct 31, 2013
We are offering a sub prime program for borrowers who don't qualify for conventional or FHA financing. Requires 20 to 35% down, rates are sub prime rates and loans close. For more info give me a call.






John Broussard
Newbridge Investments
713-777-9996 ext 103
john@newbridgehomeloans.com
http://www.newbridgehomeloans.com
0 votes Thank Flag Link Wed Oct 30, 2013
I might be able to help, we have several programs available. If not a fit with our conventional programs we can offer a private lender loan which would require 30% down. For more details give me a call to discuss.

John Broussard
Newbridge Home Loans
713-777-9996 Ext 103
Direct: 832-429-4389
john@newbridgehomeloans.com
http://www.newbridgehomeloans.com
0 votes Thank Flag Link Fri Oct 25, 2013
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