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Polly
258 Posts |
 Posted - 08/09/2008 : 3:21:22 PM
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Great guy coming home purchasing first home.
Has employment letter stating salary, benefits, start date.
Salary just slightly higher than military pay so ok there.
Will we need his first pay check or will verbal be ok? Same line of work.
Also, he deposited all his saving into Dad's account while in Irag'
so will I have a seasoning issue.
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SoCalRay
2698 Posts |
Posted - 08/09/2008 : 3:31:37 PM
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You should not have any issues
But I would run it by an underwriter
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racerx
11455 Posts |
Posted - 08/09/2008 : 3:34:55 PM
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| I've always had the underwriter ask for the first paycheck PTF. |
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SoCalRay
2698 Posts |
Posted - 08/09/2008 : 3:37:48 PM
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that is pretty common to ask for the first paystub
They want it to prove that the employment letter was real |
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Polly
258 Posts |
Posted - 08/09/2008 : 3:43:11 PM
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Thanks for your help guys.
Appreciate it as always |
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loangirl222
11 Posts |
Posted - 08/09/2008 : 4:24:16 PM
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I would submit with the employment letter and let them condition for the first paystub. As for the assets, i would submit the borrower's bank statements and highlight the deposit from the dad to the son. include an LOE regarding the situation. if need be, you could provide the dad's bank statement showing the funds going to the son and possibly even the statement when they went in prior to the son going to Iraq. You basically just want to lay out a paper trail that the uw can easily follow along with your LOE.
quote:
Originally posted by Polly
Great guy coming home purchasing first home.
Has employment letter stating salary, benefits, start date.
Salary just slightly higher than military pay so ok there.
Will we need his first pay check or will verbal be ok? Same line of work.
Also, he deposited all his saving into Dad's account while in Irag'
so will I have a seasoning issue.
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Mandyvilla
3453 Posts |
Posted - 08/09/2008 : 5:40:22 PM
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| You need to provide more information than the above. What kind of work is he doing in Iraq? What kind of work will he be doing on the new job. VA section 4.02 of the lender's handbook specifically deals with Veterans recently discharged. VA requires 12 months on the job. If you can bridge employment skills from the service to the civilian position, you can do this all day long. The underwriter is just going to want to make sure the probability of the new position is favorable (ie, not a temp job). Cash is a non problem, you just need to provide the papertrail, his LES to dad's account. |
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genealle
1076 Posts |
Posted - 08/10/2008 : 10:27:11 AM
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quote:
Originally posted by Polly
Also, he deposited all his saving into Dad's account while in Irag'
so will I have a seasoning issue.
Joint account ASAP????
Tell him thanks from all of us. |
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jillstatz
657 Posts |
Posted - 08/10/2008 : 11:16:20 AM
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quote:
Originally posted by Polly
Great guy coming home purchasing first home.
Has employment letter stating salary, benefits, start date.
Salary just slightly higher than military pay so ok there.
Will we need his first pay check or will verbal be ok? Same line of work.
Also, he deposited all his saving into Dad's account while in Irag'
so will I have a seasoning issue.
Why not do a VA loan and then you shouldn't have any problems at all with getting this done. |
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Mandyvilla
3453 Posts |
Posted - 08/10/2008 : 11:31:53 AM
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The account does not necessarily have to be in the veteran's name. You just need to prove the funds came from him and he's getting them back. "James" was my challenge. He had most of his paycheck going into his niece's account of which he custodial signatory rights. The rest went onto his ING GreenDot card. (prepaid VISA card w/ ATM access). Then, he would move money between the two.......and, before he used his niece's account, he parked some at mom's. He also had a paid Wachovia collection.
Explanation: he hates banks and only used one preparing to purchase a home. (He didn't need much, but not all his costs were paid and the reserves were in the AUS). His collection contributed to his hatred of banks. But, he was able to pull every paystub and document the exact papertrail for every dime. If the documentation is there, it's a non-problem. If you can bridge the jobs, what are you waiting for - go get it. |
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lshaull
87 Posts |
Posted - 08/11/2008 : 3:30:44 PM
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| Is he VA eligible. If so Do a VA and you only need a letter |
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