Refinance with less than a year being employed
I just got a job on an hourly wage for the past 3 months. Is there any lender who would grant me a refinance? I tried with a few and I’ve failed at underwriting. Lenders want to see that I’ve been employed for at least 12 months on this hourly wage. My home is appraised at $450k and the mortgage balance is $150k. It’s a 30 year loan since 2005 and I want to refinance with no luck. Property brings me rental income of $2k a month. by tmaek73 from Cedar Springs, Georgia. Feb 4th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The rules require you have a minimum of two years of employment in your entire life. Then, on a conventional loan with hourly pay, three months on the job is OK, unless there is a significant job gap prior to this new job. The job gap will need to be explained, and depending on the answer, some lenders may be hesitant to lend until you have a bit more time on the job. Being denied with tells me you've probably had a significant gap. I lend in MN Wi IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
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