DU employment question

Author

Previous Topic | Next Topic

velecico

3200 Posts

Posted - 06/27/2008 : 10:53:16 AM

I just ran DU on a purchase , gift of equity ( husband to wife ) the LTV is 79% , FICO 700 , primary , on the 1003 , the job listed as a blackjack dealer is only one year , no previous job history , she just came from China , so DU came back AE , with findings that income must be supported by paystub and telephone cert. , which we got , my question is regarding the 2 year work history , since we dont have it and the info on the 1003 only shows one year , is the approval valid ? our underwritter is saying NO , that we need a 2 year work history regardless of DU

hoangad

2802 Posts

Posted - 06/27/2008 : 10:57:56 AM

i have a guy self employed for 1 year 10 months that came from being a wage earner.
got approve/eligible income waiver.
loan approved...

Mtown

86 Posts

Posted - 06/27/2008 : 10:58:13 AM

I know you probably want to avoid going FHA, but I'm thinking either go that route, or try to get an exception for the work history with an LOE. Maybe one of your AE's can help

Managing Prime

2305 Posts

Posted - 06/27/2008 : 11:01:52 AM

You can document her employment in China.

http://www.allregs.com/efnma/index.asp?dv=0&id=a&ii=0&im=0&io=fnma&ip=/&iq=0&iv=0&iw=0&iy=0&iz=0&fc=0&fk=_&fm=0&fs=0&fv=0&sd=/&sm=1&sp=fnma&sq=_&st=_&sv=0&sx=/&sy=0&sz=0&t=0&tc=fnma&tp=/&td=0&ti=0&tm=0&to=fnma&tw=0&tv=0&tq=0&tx=/

AGreene00

2728 Posts

Posted - 06/27/2008 : 11:01:53 AM

Did she work in China?

lscalder

1031 Posts

Posted - 06/27/2008 : 12:25:22 PM

If the LTV is 79% go COnventional. Fannie Mae

Previous Topic | Next Topic