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ADVISEUMORT
399 Posts |
 Posted - 04/16/2008 : 06:23:28 AM
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| scenario: borrower in college, has job, graduating soon to work in their field, anyone know of a lender allowing this? ratios work |
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Chris Clark
5966 Posts |
Posted - 04/16/2008 : 06:24:24 AM
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| how long has the borrower worked, total? |
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kbaker
910 Posts |
Posted - 04/16/2008 : 06:33:31 AM
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| College is generally looked at as any other job. (just doesn't pay very well.) I assume the borrower has a part time paying job while going full time to college. Just need to income average the part time job if that will be the situation at closing. If the borrower is going to have started the job then you just verify the job, income and receipt of first payment. You shouldn't have any gap in employment issues. |
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ADVISEUMORT
399 Posts |
Posted - 04/16/2008 : 06:34:50 AM
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| i could paste together 2 years, she has worked the last 8 months consistently, but prior to that jsut on breaks ect i cant see this getting funded in the long run, but before i said no i thought it wouldnt hurt to run it past some other minds/eyes she has a fiance with a 600 fico, i thought her best bet was to add him and go fha with dpa and actually prob drop her due to lack of work history |
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RodneyLO
832 Posts |
Posted - 04/16/2008 : 07:09:06 AM
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quote:
Originally posted by ADVISEUMORT
scenario: borrower in college, has job, graduating soon to work in their field, anyone know of a lender allowing this? ratios work
FHA all the way. you will need to wait for her first paystub for proof of (new) income, and she will need to show transcripts to prove time in college. I've done this before with inhouse DE UW. |
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TransNet
550 Posts |
Posted - 04/16/2008 : 07:37:59 AM
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quote:
Originally posted by ADVISEUMORT
scenario: borrower in college, has job, graduating soon to work in their field, anyone know of a lender allowing this? ratios work
All lenders (Conforming, FHA, VA) allow this. As others stated, you verify the income from the new job and close the loan. |
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tunesmith
59 Posts |
Posted - 04/16/2008 : 07:54:06 AM
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quote:
Originally posted by TransNet
quote:
Originally posted by ADVISEUMORT
scenario: borrower in college, has job, graduating soon to work in their field, anyone know of a lender allowing this? ratios work
All lenders (Conforming, FHA, VA) allow this. As others stated, you verify the income from the new job and close the loan.
Yup although I believe some lenders want to see 30 days on the job. I don't know if this is still possible but I used to be able to provide a contract for verification for the new job and that would suffice. |
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Chris Clark
5966 Posts |
Posted - 04/16/2008 : 08:36:11 AM
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| ok, so you're not trying to get this closed while she is still in college? if that's the case, then you either just wait for the first paystub from the new employer (or get a VOE from the employer if the employee is under contract i.e. teacher, nurse, etc) and close it with the prior employment being a college student. |
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EquitySmart
1240 Posts |
Posted - 04/16/2008 : 08:51:28 AM
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| Being in college is generally considered the same as W2 employment, assuming the new job is related to the degree. Thus if you get a degree in aerospace engineering and get a job working as a manager at mcdonalds, this could be a problem, but if you can establish a link between the degree and the new job then you should be OK with work history. The underwriter will typically be OK with signed offer letter from the new employer, but in some cases you need to wait for either the first paycheck or 30 days of earnings. |
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the_mortgage_guy
1276 Posts |
Posted - 04/16/2008 : 09:52:38 AM
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| I belive you can use an offer letter showing salary terms and start date if want to close before first pay cycle...I know this used to work - haven't run into it in some time. |
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