Denied in Irvine - need a lender

NEW -> Contingent Buyer Assistance Program
I was in a similar situation 2 years earlier being self-employed for a short period of time I did not fullfil one of the loan application technicalities. The bank wanted to see consistent and steady income. The only way for them to gauge that is duration of employment at the same place guaranteed by the employer. Their comments to me was economy could affect my earning and that would be a risk factor for not making a jumbo loan mortgage payment. Obviously the retard that processed your loan did not have the proper education to even recognized certain professions are completely recession proof.





[quote author="gasjockey" date=1210509025]My wife and I have been renting for 2 years now since we moved back to California from the midwest. I put in an offer for a house today in Irvine which is new construction. I spoke to the in-house lender and she said that we could not qualify because I dont have 2 years history of income as a sole proprietor. My wife and I are both physicians with a combined income of over $600k / year and a credit score of 803. We wanted a 30 year fixed jumbo in the amount of $850k. I went from being an employee with my old group to being an independent contractor for the tax advantages an S-Corp has. This was 8 months ago. Therefore I dont have the requisite 2 years of continuous income in my S-Corp that is standard for most mortgages even though the only thing that has changed about my work is that I went from a W2 to a 1099 at the same hospital. My wife also is an S-corp and will have 2 years income as a sole proprietor as of this coming July.



Does anyone know a lender that will work with us? Give me their number! Thanks!



GasJ</blockquote>
 
Gas,



I just purchased a place. I have similar income characteristics and similar fico scores. Try giving them a call directly. You do not want to tell them that you got denied by the homebuilder tho.



Gas, I sent you a PM.
 
Most lenders do not allow less than 2 years of employment on reduced documentation loans. If you are going full doc, as long as you do not have declining income, you should be just fine finding a good lender. I just closed a loan similar to yours with Pacific Residential Financing, pacresfunds.com. They were A+ on customer service.
 
[quote author="bkshopr" date=1210724332]Obviously the retard that processed your loan did not have the proper education to even recognized certain professions are completely recession proof.

</blockquote>


bk - I think I had the same bank - they would only approve my 92-year-old grandmother for a 30-year product.
 
[quote author="houseonlegs" date=1210740005]Most lenders do not allow less than 2 years of employment on reduced documentation loans. If you are going full doc, as long as you do not have declining income, you should be just fine finding a good lender. I just closed a loan similar to yours with Pacific Residential Financing, pacresfunds.com. They were A+ on customer service.</blockquote>


I simply do not understand the "they were great on customer service" mantra. On an 800K loan, every 1/8 % adds up to $70/month or 25K over the life of the loan. When I pulled up their rate shee, their Jumbo loan quoted something like 8.25% with 1/4 point?!?! Is that for real? Do they actually stay in business? Astonishing.



There are at least a half-dozen credit unions that will give the same full-documentation loan for 6-7% with no points. Do the math. No amount of service is worth $560-1100/month for the life of the loan. It is all the same money and wire transfers at the end of the day.



For those of you who don't care about paying so much extra every month, please let me know who you are and I will provide you with an account that you can deposit money into for me to spend.
 
You can't trust those rate sheets. When u actually go thru the process and give them your credit scores the rates are totally different. On average, I found my rate to be 1% lower than advertised by the same company - ie., Wells Fargo etc.
 
[quote author="etheran" date=1210745134]You can't trust those rate sheets. When u actually go thru the process and give them your credit scores the rates are totally different. On average, I found my rate to be 1% lower than advertised by the same company - ie., Wells Fargo etc.</blockquote>


Ok, first things first. While I do not know if this is "true" I do know that it makes absolutely no sense. Why advertise a rate sheet that has significantly worse rates than you actually offer? This is exactly the opposite of how advertising works. People would never bother calling if they looked at the rate sheet and it was not competative with another companies rate sheet. Moreover, if you actually looked at the rate sheet for the company was was recommended as having "A+ customer service," they have a column of disclaimers for individuals with credit scores that are below 700, etc. the lower the score, the higher the rate based upon a formula that is on the rate sheet. The same goes with LTV ratios. If you don't want to believe the companies rate sheet, go ahead and call and request a GFE and then hang-up and call 5 other lenders (or credit unions) and request GFE's... and then go with the lowest cost.



This isn't buying a car or getting a haircut... money is money is money... there is nothing subjective about it.
 
I was talking with my lender today and she informed me that for many loan programs, bonuses, comissions, profit-sharing and some types of overtime may no longer be considered as income for qualifying purposes unless they are "guaranteed" in writing.



So, if you're getting anything other than straight hourly wages, you might not qualify for quite as much house as you might have presumed.
 
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