Home Buying in San Jose>Question Details

bhonorine, Home Owner in Campbell, CA

How long do I need to get my loan pre-approved?

Asked by bhonorine, Campbell, CA Tue May 28, 2013

I was self employed for 2 years before the end of 2012. I worked for 2 companies this year with 1.5 month of break between those 2 companies (total duration is less than 3 months). I have been doing the same type of work for 5 years. Will the lender require me to work for at least 3 months non stop to get my loan pre-approved? Or is 1 month of work history enough?

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I suggest you contact a lender and have a face to face sit down to get the straight scoop for your particular situation. There are many factors in getting your loan approved.

I recommend you contact David Setti from Turnkey Mortgage. They are a direct lender and offer a guarantee, so ask him about that. He can also run different scenarios for you to insure you know all your options.

http://www.davidsetti.com
408-377-8876

Have an amazing day.
Web Reference: http://www.TerriVellios.com
1 vote Thank Flag Link Tue May 28, 2013
Great question.
One month (30 days of paystubs) may work. The issue is being able to document that you have been in the same line of business for a period of two years. Furthermore, the challenge with self employed borrowers is that most self employed borrowers write everything they can off their taxes. So a Lender, such as myself, would have to review those tax returns and make sure that there is still enought income to qualify you for the loan.

Of course this answer is very broad and its not a guarantee since I do not know a lot of important factors. However, if you call me, I will be glad to walk you through all this.

Feel free to reach me directly at 949-777-2109, or cell 951-210-2101

Respectfully,

Eddie W. de Leon
Senior Loan Officer
NMLS #238369
DRE Broker #01393751
http://www.linkedin.com/ln/eddiedeleon
http://www.facebook.com/LoansByEddie
0 votes Thank Flag Link Fri Jun 7, 2013
We would have to look at the actual information. It could go either way.

949-930-1210
0 votes Thank Flag Link Tue Jun 4, 2013
Actually if you are working on W-2 and full time - 40 hours a week, we need to have only all your last pay stubs for one last month.(could be your first on a new job), and we qualify you based on current wages. If you work part-time, even on W-2, it is completely different, you have to file tax returns for that job for 2 last years.
0 votes Thank Flag Link Thu May 30, 2013
You may talk to a mortgage banker.
0 votes Thank Flag Link Thu May 30, 2013
It is matter of hours with our company - www. calsunmortgage.com - as long as we will get your proper financial information. Also in our pre-approval letter we describe the criteria of loan pre-approval, such as credit score, debt income ratios and source of down payment.
0 votes Thank Flag Link Thu May 30, 2013
Change in employment status isn't to big of an issue as long as you can show why and as long as your income hasn't changed too much.. Find yourself a broker who can put this together in a way that is understandable and acceptable to the underwriter. Best of Luck.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker
http://www.everlastingcredit.com
0 votes Thank Flag Link Tue May 28, 2013
If you are now W-2 salaried or hourly as opposed to self employed, then 30 days of paystubs and perhaps an offer letter from your employer should be fine. The lender won;t consider any bonus or overtime income towards qualifying you. So you'll need to qualify off of a 40 hr work week or base salary, whichever is applicable.

Hope this helps!
0 votes Thank Flag Link Tue May 28, 2013
So you were self-employed for 2 years before end of 2012. Have you been w-2 since end of 2012?
0 votes Thank Flag Link Tue May 28, 2013
Hi Bhonorine,

The best way to find out how long your situation can get you a pre approval is to jump in and get a pre approval from a good loan officer.

If you need a referral to a very good loan office, call me - 408-316-0793 or email (rpablaza@comcast.net).

Have a great day!
0 votes Thank Flag Link Tue May 28, 2013
From your brief description you may be ready to go. A lot depends on the details of your actual income history, how much did you earn, why the recent moves, etc. Feel free to contact me at 408-957-7600. As a Direct lender and broker, I am sure we can structure a successful plan to finance your new purchase.
0 votes Thank Flag Link Tue May 28, 2013
Thank you for your question:

The regulations with respect to home lending have been changing rather rapidly. I recommend that you contact an experienced lender to get the most current requirements.

Terri Vellios gave you excellent advice.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
0 votes Thank Flag Link Tue May 28, 2013
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