Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for humpalump

Additional documentation necessary?

I close in 5 days on a home that is 160 miles from my "office".  In my job, I travel some and telecommute a significant amount of the time.  There are no requirements for me to be in the office on a daily basis.  I have supplied employment verification, credit score 697 and am putting down 20% on a $271k condo.  The mortgage broker is requesting a letter from my HR dept saying I telecommute, but because of company policy I have to get approval from my manager stating they can release that information.  For political reasons, I don't want my manager to know enough about my financial situation to tell him I am buying a home and am considering telling the mortgage broker that I cannot supply that data and that all the information I have provided thus far is true.  Any thoughts on whether the mortgage broker can decline the loan based on this one data point that I won't provide?

  • May 15 2010 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

That would not resolve this issue to my knowledge. .... Happy funding, Rudi
  • May 17 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for humpalump
Rudi - you bring up some interesting points which are almost applicable for me.  I am in sales and I get reimbursed all mileage from my company and I have rented my entire life and never had enough deductions to make it worth itemizing a home office or anything related to my job (which is making me realize I should get an accountant to make sure I haven't been missing anything.) 

One thought I had is whether I could offer to get PMI in lieu of the letter.  Thoughts?
  • May 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If you stand pat, the only thing that comes to mind is your Federal Tax Returns.

If you take deductions for a home office your loan originator possibly could make a sound case with that.

Mileage to your place of employment and back is not tax deductible. But if you are in sales or a service related business that requires in field  work, only the mileage to your first contact of the day is not tax deductible. The remaining daily mileage is.

So, if you also have a business mileage deduction it would make your case stronger. Although, the underwriter and your LO may have already tried to resolve this that way with no success?

Also, do you have a business card with your home office number? That would also help.  ... Happy funding, Rudi
  • May 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
When you request this of your manager, all they will know is the specific question and that you are proposing to buy a home.   I'm not sure why it bothers you that the employer may know that you are considering buying a home, but if that is major, you may lose your proposed home by refusing.

If I were a lender, I would have serious problems with a person buying a primary residence 160 miles from their place of employment without substantial further justification.

  • May 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Sounds like a tough situation humpalump.

Your loan can be declined for any reason just as Jacqueline said.  The reason yours would be declined is because of risk.

The reason your loan could be considered "risky" is not because of your credit or your down payment but, because of how far your new home would be from your "office", it may look to the lender like you may be buying this home as an investment property rather than your primary home.  Loans on investment properties are inherently more risky and in this age of tighter credit standards, your lender is just making sure they are taking on as little risk as possible.  Getting that letter from HR just proves to your lender that you are indeed going to occupy this house as your primary residence.

I can definitely relate to not wanting to have your manager know your financial situation but in this case it is either get the letter or lose your home. 

I would just be as delicate as possible, divulging as little information as you can, and ask your manager for permission.  He or she does not need to know why and maybe will not even ask but you will not know without trying.

I know it's tough but it will be even tougher to justify losing a home because of this relatively tiny issue.

Good luck and I hope I have been of some assistance.

Wes Walton
Go Green Mortgage
Seattle, WA
  • May 16 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

humpalump,
Yes, the broker/lender can deny your loan for any reason.  One of them being that you have not satisfied all of the conditions.   Is this your only home?  If so you might explain your situation to the broker and ask if he can get an exception from underwriting to waive this condition.  

Best of Luck!  
  • May 15 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.