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liverichly
3975 Posts |
 Posted - 04/02/2008 : 1:17:21 PM
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I've been shut down by 3 underwriters/lenders so far.
I have a client who is a permanent resident alien (Green Card), and she just started working here in the U.S. 5 months ago as a Table Game Dealer in Las Vegas, working 40 hours a week. I got an Approve/Eligible on the loan in DO, but I was wondering if her employment would be satisfactory.
In 4155.1 it says:
STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible.
So I was wondering if anyone knew which lenders actually go by the FHA handbook regarding this.
Thanks! |
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Back9
184 Posts |
Posted - 04/02/2008 : 1:31:56 PM
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Depends
1. How much of a downpayment? What's the loan to value?
2. Any reserves?
3. What was she doing prior to this?
4. What about her credit? Got any? Whats her score?
5. What is the collateral like?
The question you are asking here, is like asking "How much is a bag of groceries"
Depends on what's in the bag. |
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liverichly
3975 Posts |
Posted - 04/02/2008 : 1:39:20 PM
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3-5% down.
3-8 months PITI depending on how much putting down.
She was in China before this.
She has 700 scores
Collateral is a SFR in Las Vegas, bank owned, average condition |
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Back9
184 Posts |
Posted - 04/02/2008 : 1:49:21 PM
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That's a toughie. If she can put 10% down, it changes to a "low ratio" loan
and might be easier to do. You can't take that employment line of the 4155.1 rev5 out of context of the whole loan.
Was she working in China? What did she do? Can you prove it?
How does she get 700 scores in 5 months?
I gotta say, Flagstar is as accomodating, as I have seen, for FHA. The might do it - who kknows |
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liverichly
3975 Posts |
Posted - 04/02/2008 : 1:53:03 PM
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| Actually I just re-ran with only the husband and it turns out they qualify for a home with a lower sales price they were interested in. Yeah I didn't know what that line in the 4155.1 meant, apparently it still requires some employment history - 1 year is what I've been told by all of the underwriters. |
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Back9
184 Posts |
Posted - 04/02/2008 : 1:57:02 PM
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| Keep her in the deal. Let the u/w take her out- this is a different deal than you first proposed. If you can document her previous work history, who knows? |
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liverichly
3975 Posts |
Posted - 04/02/2008 : 2:21:45 PM
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| Yeah I'll keep her on the loan app with her employment info of course, but won't run the approval with her income included... I'll supply the paycheck stubs and let the underwriter add that in if they'd like. But for now, they are happy because they got approved for something. |
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clarenceworley
4358 Posts |
Posted - 04/02/2008 : 2:29:07 PM
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| Try Security Atlantic...they seem to be accomodating. www.fhaok.com |
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jkennedy1234
187 Posts |
Posted - 04/02/2008 : 3:11:38 PM
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| HUD does not have miniumum time on job, using base salary alone, if you need OT/Bounus you need at least 1 year history plus continuancy for these on an exception. they want to estbalish a stabilty of employment, job gaps etc. , hince if she worked in China get the documenton, forgien income statement etc. i have closed like this before with borrower in Austriala. credit was the issue with them, had to use non traditional from overseas. my 2 cents |
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ladysammm
356 Posts |
Posted - 04/02/2008 : 6:08:09 PM
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Assurity Financial does. FHA does not have min time on job requirements. I would run AU on base income only. no tips and see if still approve eligible. It also make sence to determine age of borrower, if young she will not have long history and if qualifed on base wages only no need to worry about averageing income. As already said if she has a work history in China it can be used and explain any gaps. Translated to english.
We/HUD will accept a collage student entering work force without previous history with collage transcripts and proof entered workforce as degree indicates. Run with min investment requirements and leave rest for reserves first. If refer than increase down. and rerun. if refer and fico min 580 we will manual UW file
pam.kirchner@assurityfinancial.com Wholesale AE 702-418-5818 |
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