Home loan peeps experts??

Got an employee (very good employee)
looking to buy a house.
good credit but only downfall is that he has changed careers from teacher for many years to now a damn good salesman at our shop.

The major lenders will not touch him as he has only been here a year. He has ZERO bad marks on his credit, zero late payments, and makes good money.

He only currently has a ford raptor for payment.

Are there any "specialty" type loans he can get?

Without going into the dungeon, there seems to be loans out there for people who make less or have shit credit or whatever but he cant get a break.

I thought now was a prime time to buy a house. he can afford the payments and has good credit. WTF??

 

There is something else going on.

 

He should be able to get an FHA loan fairly easily. I'm buying a home this month, and it's not too difficult if you have some cash in the bank, and good credit.

 

Not necessarily. When my wife and I moved back here after living in DC for quite a while, that was something that was seriously scrutinized. We ended up getting a loan from a small bank from my home town, who then sold it to someone else. My advice would be to look at smaller banks... that's the only way we were able to get a loan for our house.

 

Yeah, job change isn't really that big of a deal as long as he has steady work history. He have any kids or ex wife, aka back child support, alimony?

If not, then there shouldn't be an issue.

 

A $50,000 truck loan can have a fairly significant impact on a single person...

 

Have him check local credit unions. Of all people I wouldn't think that midget would have any problems with credit

 

Commission income? The underwriting guidelines are very similar on commission income to self employment. This will generally require 2 years history on a standard documentation loan.

 

Yes he is on comission but we sell all the european brands which means he makes a fairly good living.

He is married, she has kids but since she has bankruptcy, he is doing this alone.

Thats one thing the bank noticed was his is comission. He still makes base pay, but I feel like they are fucking him....

He's an honest guy and no kids, no late payments, or anything else negative.

He had a good trade in so he only financed like 40k on the truck and thats his only loan.

 

The guidelines on a conventional loan will give him full credit for his base pay but average his commission income over a 24 month period to prove stability.

That said in the past he could easily look at a stated income mortgage but those have pretty much gone away. Have him talk to his bank's manager and see if they have a portfolio loan that they can put him into.

 

Does he have a down payment and what percentage of the mortgage is it?
I thought he hated you right now anyhow!

 

LOL he changes moods daily

 

You know that means he is more mentally stable than you, right?

 

What the fuck did you just say to me?



































Absolutely

 

This. In this case they will take his 12 months of commission and spread it over 24 months as they use the prior 2 years. Sense he doesn't have 2 years they take what's available and spread it out meaning he is basically making 50% of his take home in their eyes.

 

This sounds like TJ.

 

It should not matter how long he has worked at his current job as long as he can show a term of employment with a different/prior employer. Def something else here.

 

A truly good employer would offer to cosign the mortgage for such a valued employee.

You know, to help a brother out and all...

 

I'm no expert as I'm just working on buying my 1st home. Have him check into a USDA loan. He will have to see if the house qualifies for it. From my understanding it has to be outside the city limits for this type of loan. A USDA loan doesn't require the 3.5% down like FHA and as of last week it was around 3.5% loan rate here in NC. Only requires a 620 or better credit score. Good luck

 

Talk to local banks about portfolio mortgages. He'll probably have to do an adjustable rate until he can get his income straight and then refi.