Home Buying in 11427>Question Details

george, Home Buyer in Queens, NY

getting pre-approved letter from my bank question

Asked by george, Queens, NY Wed Sep 12, 2012

so now i'm trying to get this letter but i read that i have to be at my current job for atleast 2 years - i started here less than a year ago but i was with my last job ( if this count at all) for almost 7 years. no employment gap and salary increased every year. will this work or should i wait fo another year to apply?

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Answers

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Trevor is right and wrong. Two years consistent empolyment especially with constant increases should be absolutely no problem. However, a pre approval is based on actual documentation, such as credit reports, tax returns, pay stubs, bank statements and documented proof of where the doownpayment is coming from also if out side help is needed such as a co signer is needed and their documentation, whereas pre qualifications are usually based on conversations and as such are worthless. I have every buyer I work with pre-approved before I will work with them because to do anything else is a complete waste of time forthem as well as myself.
When you find the correct property you want your offer to be seriously considered, especially if you are in competition with another buyer. A proper pre approval insures that a strong case can be made on your behalf.
0 votes Thank Flag Link Thu Sep 13, 2012
Good afternoon George,

To qualify for a mortgage loan we look for 2 years consistent employment, with no gaps, with consistent or increasing salary. Based on what you said, you should be fine.

Not sure what the hold up is with your Lender to get the Prequalification Letter (same thing as preapproval, but with the correct name).

I've Prequalified 7 people so far this week and each client had their Prequalification completed within 24 hours of our first contact.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Wed Sep 12, 2012
Please contact either of the mortgage bankers below and they will be able to answer your questions:

Dominick Sutera
Academy Mortgage Corp
516-249-4800
516-655-2900
dsutera@BankAMC.com

Brian Tom
Cliffco Mortgage Bank
516-448-2434
btom@cliffcomortgage.com
0 votes Thank Flag Link Wed Sep 12, 2012
There are lots of work-arounds to any problem. I'd also recommend making an appointment to sit down with a good lender. One of the work-arounds that might apply to your situation is if the job is "within the same type or field" it can count towards the two year maximum.
0 votes Thank Flag Link Wed Sep 12, 2012
Rather than relying on online information, why not simply visit with licensed loan officer; he/she can best advise as it relates to you.....
0 votes Thank Flag Link Wed Sep 12, 2012
Hello George. You should not have any issues. If you have any complications and you would like assistance with your loan please call me anytime at 914-299-0420.
0 votes Thank Flag Link Wed Sep 12, 2012
The exception is that if you employed in the same field, and took a better job.
The Banks, if heartless, are reasonable.

Good luck and may God bless
0 votes Thank Flag Link Wed Sep 12, 2012
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