I keep on failing during underwriting due to hourly wage job
I got a job on an hourly wage in the last 3 months. Is there a lender that I can refinance with? I have tried applying for one many times already, including my current lender, but they all failed at underwriting. Lenders want to see that I’ve been working for at least a year on this hourly wage. My property is appraised at $420k and the mortgage balance is $195k.It’s a thirty year loan since 2008. The property brings me $1750 a month because of rental income. by fairbank796 from Berry Creek, California. Jun 24th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Current underwriting guidelines call for a two-year work history in the same job/industry to calculate the use of variable income. Why? Because variable income is generally not a reliably consistent as salaried or full-time income. Although Rental income can help, if you have a 3-month job history in a variable hourly position, the rental income may not be enough to allow you to qualify.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) what did you do previously ? worked ? same field ? compensation 2) what are you trying to do ? refinance the present loan ? pull cash out ? 3) is the property a rental property or is this your primary home and you rent out part of it ?
Ask our community a question.
Get an answer
Related Questions
