 I just bought a house, before I closed on the house I noticed someone shattered the sliding glass window,? |
| The listing agent stated by e-mail that she would take care of paying the window repair company, (I already sent her the estimates from two comapnies). Now I get an e-mail that states I have to pay ... |
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 Our house is for sale, we just got an offer, but it will leave us 12,000 in the hole, after realtor fees.? |
| Has been on the market for 4 months, this is the first offer, we are getting about 2 showings a week. We are currently paying 2 mortgages. 6% goes to realtor. Can we ask if she would reduce her ... |
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 If you make 2 mortgage payments a year, how fast can you pay off a 30 year mortgage? |
| I heard you take 7 years off a mortgage if you make one extra payment. I was wondering how many years you save if you make 2 payments.... |
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 How much does a real estate realtor get paid? |
| i know they get paid by each house they sell, but how does it work?... |
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 What is the legal grace period for postmarking rent checks? |
| My rent is due on the first of the month, but I had heard that as long as it gets postmarked by the fifth there are no legal grounds for the landlord to charge me a late fee. Is this true?... |
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 Help purchasing a house? |
| I have been trying to get Section 8 housing for years but there is such a shortage of vouchers. Since I am on a small fixed income, with two young children, I recently moved to IN. where the cost of ... |
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 What type of lawyer do I hire to settle a timeshare dispute? |
| The timeshare was bought in mexico but I guess they have a the main office in san diego, ca. I live in California. They have not contacted us yet.... |
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 My landlord says as long as it's regular business hours him or whoever he sends over can come in my apartment |
| at any time. The thing is they just unlock the door and come right in. I don't think that's allowed. Right , I did get a chain lock for my door. But it still bothers me that he thinks he ... |
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 Walk away or try to re-negotiate the purchase price? |
| I recently agreed to purchase a brand new home for $515K - with a $5K down payment, and an up front pymt. for the upgrades in the amount of $40K (total pymts = $45K). Because the market has taken a ... |
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| I'm looking to move to the sabden area and want to know the names of local estate agents.... |
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| i like to buy a house i need home for ... |
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 19 year old first time home buyer? |
| I'm 19 years old and am interested in purchasing my first home. I have a steady job that i've had for over a year, I gross a little less than $600 per week. I have a credit card but i'... |
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 How can I get out of my apartment lease? |
| I moved in about 4 months ago and had a few proublems that have not gotten fixed until a few days ago and they got fixed by me and it was taken off my rent. There are roaches in my apartment (i have ... |
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 For all you carpenters and landlords out there? |
| I have a friend that rents an apartment. She had an accident with hot grease in the kitchen. So her landlord gave her an estimate of $1300. This would include an area of 5' x 10' linoleum ... |
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 When would the rent be due? |
| If a landlord ask for first and last months rent plus an extra month and a security deposit when would my first payment be due? Also does anyone else think this is a bit extreme?... |
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 Is it the agent's job to call the home insurance company to get a policy or should i do it? |
| our closing will be this wednesday...everything is good ...the only thing that is missing is the home insurance ... |
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LifeLove | Mortgage/Job Probation question? |
I just started a new job, totally spacing on the fact that fiance and I were planning on buying a new place in the next few months.
My question is, if my fiance and I were to apply for a mortgage, what would they need from my job? If my manager was to SAY that I would be there permanently (even though I am not done my probation) would they accept me on the mortgage??? |
 |
 
Carolinahomerates.com
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probation isnt a problem....most employers offer the 90 day probationary period.
With FHA ..as long as you have 30day of earnings....2.25% down...and now credit lates in the last 12months...you should be fine. you can have a low score and still do FHA but you cant have any credit lates in the last 12months!!!! |
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financing_loans
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Okay what I said before was rude so I will edit it. I dont agree with carolina completely.
Here is the rule for FHA or other loans.
***To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability***
Sounds like you have it covered. But yes it matters, it matters alot. |
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Year 2012
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you have to prove to the mortgage lender that you and your partner (fianc ) having an income which is equal 3 time the mortgage..
so if your mortgage is $ 3000 / m .in order to qualify you both have to have an income = 3000$ x 3 =$ 9000 / m . |
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achievablemortgages
 |
As long as your income level is the same as it was before moving to your new job or higher, you should be fine through either a conforming lender or FHA. It's when you switch the type of position that you have or go onto a total commission structure from a salary based position where you'll have problems. Ex: you wouldn't want to go from being a w-2'd computer programmer to a fully commissioned mortgage broker, because the lender would have a hard time verifying your income. If you have been in the same line of work for two years or better and can provide a letter or verification of employment from your current employer with your new income, you're fine.
Good luck. |
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matzael
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Sure you can. Granted they are going to ask why you changed jobs and you should be able to give a good answer.
Something like more money or benefits, better hours, or if you've been in school and just got a job in your field. Basically any reasonable explanation should be fine. It's also easier to explain if you're in the same field as before.
The probationary status won't come up at all when they're discussing your new job. |
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Dave M
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Most lenders like to see a 2 year employment history. If you just started with your current company the lender may require a letter of explanation from you. They may also call HR or your manager to confirm your present employment (and salary if you are providing full documentation). The term "probation" rarely comes up. Your amount of time there will speak for itself. A true mortgage professional will be able to evaluate your situation and help you to move forward accordingly. |
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Alterfemego
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You may be worrying about something you don't need to at the moment. When you are ready to apply for a mortgage you will have several months on the job, correct? If it in the same line of work that you did previously, then it's no problem. Just don't change jobs again until after you close. Oh and don't buy anything for the new home until after closing! You don't want to increase your debt ratio's. |
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matsonb
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If you are a salaried employee than you will be fine... if you are a commissioned employee you will need 2 years earnings to show. http://www.choicerealestate.net/ |
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gerrienglund
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You make a good point...all things being equal, it's better to apply for a mortgage before you switch jobs, but you shouldn't pass up good opportunities just for purposes of qualifying for a loan.
The other answers here are correct. If you can show that you have been in the same line of work at similar pay for the past two years, you should be fine on this qualification.
The lender will likely require a verification of employment (VOE) form to be filled out by your employer. It will ask basic information about your employment: how long, job title, pay, etc.
If your job is temporary or not likely to continue and your employer fudged things for you that would be mortgage fraud -- not a good idea. The form should be filled out truthfully. Assuming you are doing fine on your job, there is no reason to expect it not to continue past the probationary period, in which case it can be filled out honestly and not cause problems.
Of course employment is just one factor so make sure you are checking your credit scores, and all the other factiors that go into qualifying. |
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