New Job previously self employed and getting married need mortgage
Hello,I am currently employed at Chase Bank and was previously employed by a financail planning firm (Waddell and Reed). I was 1099 at the firm so considered self employed. I worked there for about a year and then had no break in employment to my current position. I am now salaried plus commission and have been here 1 month. What and how do I go about getting approved for a mortgage. Do I have any chances?? Our loan officer here said he thought maybe but then talking to underwriters not really.??!!??? by justin.d.blevins from Grand Blanc, Michigan. May 2nd 2011
Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions
Assuming it's similar work to what you've done in the past then only your base income could be considered. Lenders would not consider any commission income without a 2-year history IN THE SAME POSITION with the same firm. I don't know what the loan officer you spoke with saw or asked but if you feel that your base salary is good enough to support your mortgage please give me a call - I finance in 50 states. Thanks! Tom Stevens 781-862-0585 x223
Corey Seitz (Corey_Seitz)
#35 ranked lender in Colorado - 24 contributions
Justin, Going from self employed to salaried should not be a problem at all as long as you are trying to qualify only on your base salary. Most lenders / investors we work with only require a paystub showing 30 days of employment at the new salaried job. Chase Bank is a great lender on straight forward "vanilla" deals however I would suggest that you contact a local mortgage broker that has access to more investors with more flexible guidelines. I specialize in Colorado, if you happen to be looking for a home here please let me know and I will be happy to help you out. Thanks, Corey corey_seitz@excelfg.com
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