Mortgage Company Gurus...Advice Needed!!!!
07-03-2005, 06:57 PM
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givin the business
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Mortgage Company Gurus...Advice Needed!!!!
okay here is the deal. Me and my wife is buying a house in florida. As a result she has to change jobs. Her company does not have a location there so she had to find another job. Now she found another job in the same industry doing the same thing with the same pay with the cost of living adjustment. She got a letter from them stating the details of the new job. The letter ended by saying this is not an employment contract. The company says Employment Practices Liability makes them put that there. Florida does not write contracts in regards to emploment being that they are an employement at will state. My question is, will the right company be okay with this letter and just call the company to verify that she will be working there or does it make sense to ask for a pay stub. Your opinions will be greatly appreciated in this matter. Please note that this is not her first house purchase and her credit is excellent, not to mention she has never paid anything late or ever had gaps in employment.
07-03-2005, 08:39 PM
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I think no matter who you deal with, they will want to see a paystub unless you go with one of those "no documentation loans" which I think result in a higher interest rate.
Some will want to see your 1040s as well. Call around to various lenders and see what their doco requirements are.
Some will want to see your 1040s as well. Call around to various lenders and see what their doco requirements are.
07-03-2005, 09:10 PM
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Depends on the whole file, ie credit, down payment, income, whether she makes more money than you. Lots of times with us, this would not even be an issue and the offer letter will suffice. If needed, we will do a verification of employment. Whoever you are using don't know what they are doing.
07-04-2005, 09:37 AM
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givin the business
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Originally Posted by BigPimp
Depends on the whole file, ie credit, down payment, income, whether she makes more money than you. Lots of times with us, this would not even be an issue and the offer letter will suffice. If needed, we will do a verification of employment. Whoever you are using don't know what they are doing.
That makes perfect sense what you are saying. The people we were using totally sucked. They wanted these people to give her a contract. She's not a basketball player you know. That's the way i looked at it, all they have to do is verify the employement. The new job even called them to let them know she would be working there and this still wasn't enough. That seemed so strange to me. Her credit is excellent, she has never paid anything late. She has had steady employement for the last ten years and we have some money put away as well. What else do you need....Thanks for the advice!!
07-05-2005, 11:38 AM
#5
Originally Posted by jz-97-c7
That makes perfect sense what you are saying. The people we were using totally sucked. They wanted these people to give her a contract. She's not a basketball player you know. That's the way i looked at it, all they have to do is verify the employement. The new job even called them to let them know she would be working there and this still wasn't enough. That seemed so strange to me. Her credit is excellent, she has never paid anything late. She has had steady employement for the last ten years and we have some money put away as well. What else do you need....Thanks for the advice!!
Find a different mortgage broker/lender.
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