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Can I get approved?

So, after speaking with Quicken Loans for almost a month, and continuously being told all was well and that I was "pre-approved," I finally asked my mortgage banker to speak to the underwriting department to make absolutely sure I would be underwritten. After hearing some horror stories (and my agent gently trying to persuade me to use a local lender), I didn't want to put in an offer and pay for an inspection and appraisal just to find out later that the pre-approval letter was basically worthless. Sure enough, my mortgage banker called me back this afternoon and told me that because I work for Kelly Services (Nissan), the underwriting department would probably not underwrite my loan when it came down to it. This is after they requested a letter stating that my contract was indefinite and was meant to be long term. 

Will I be able to get approved anywhere with my situation? Some details:
I have 1.5 years of work experience. Only 1 W2 (I was full-time college student before I started my first real job).
I took this job at Nissan (Kelly) 2.5 months ago. 
I get paid $37,000 a year in this new job. I made $50,000 a year in my previous job.
I have almost $30k in savings.
No debt.
I am looking at townhomes in the $130k-140k range
I don't want to throw away money on rent anymore. 
 
Thanks in advance!

 
 
  
  • August 04 - Nashville
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Answers (8)

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Tom, we haven't given it any thought, but my dad might be willing to cosign. What are the implications of having my dad as a cosigner? 

Today I was given the names of two mortgage bankers in my area that state they might be able to help. What a frustrating experience this has been. Based on the number that we ran with Quicken, even if I did lose my job, I could work at McDonald's and still make my payments. Wish I had known mortgage lenders hate Kelly before I took this job! I thought I was making a smart career move. 

Frank, my credit score is 803. 
  • August 05
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Do you by chance have anyone who would co-sign with you?
  • August 05
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Underwriters want to see evidence that you will be receiving income for the next 3 years. Working for a temp agency will not show that. You are also showing declining income which is another huge concern for the underwriter. It is understandable that you were in college and that isn't impacting you. The $30k in savings is excellent considering your income as long as it hasn't all been deposited in the last 2 months without being able to be sourced. You may be eligible for a portfolio product that you typically only find at a bank. Best of luck.
  • August 05
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Tom, thank you for your reply. My position at Kelly is full-time and is an "indefinite" contract position. My boss has been there two years and is still a Kelly employee (even after being promoted). There are no opportunities to become a Nissan employee within my department (unless I can become the director of the department). At HQ in Franklin, Kelly Services manages many of Nissan's entry-level positions. 

Jared, to address your questions:
1) Yes
2) Please see above paragraph
3) I originally worked for a startup company in another city that folded (investors lost interest and the money dried up)
4) I have a gap of almost a month. After learning my first job had ended, I had to find a new job and a sublessee for my previous apartment.
5) Yes. I graduated and my current and previous job were both in the same field of study.

Thank you for the advice, Sharon!
  • August 04
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The original advice- talk to a local lender- was good advice. Based on the basic information you provided here, sorry to say but I seriously doubt you will receive a loan approval (at this time). You have a very short time on your existing job and essentially took a cut in pay when you changed jobs. The money you have saved is impressive as is the fact that you have no debt (hopefully credit however, you need to have credit scores). 

 You need to plot a course to home ownership, if you stay will Kelly for a full 12 months you would greatly improve your chances. If Nissan takes you on full time, in a permanent position, before you have a 12 month track record, you would be in the position to purchase. Find a local mortgage banking operation with onsite underwriting capabilities who can sit down and draw up a plan for you. You need to work with local professionals who can take the time and do it right. The irony is that the company you mentioned advertises that they will "give you the respect and individual attention you deserve". Don't give up but do surround yourself with professionals.
  • August 04
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I am with Movement Mortgage and can tell you it will be tough to get approved if your position with Nissan via Kelly Services is considered a temp position (which it sounds like it is). If that's the case, do you have an opportunity to get a permanent position with Nissan in the near future?
  • August 04
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There are multiple layers to your question that need clarification:

1. Is the job with Nissan full time? 
2. You work for Kelly Services but at Nissan. Is this permanent employment or are you considered a temp?
3. What cause the job change from $50K/yr to $37K/yr.
4. Did you have any gaps in employment longer than 2 weeks?
5. Did you graduate college and get your degree?

- Your income needs to be full time and permanent.
- Any job gaps longer than 2 weeks need to be explained.
- Lenders want to see a 2 year work history, but if you were in school prior to working then your time earning your college degree can count as employment history if your degree has something to do with your current line of work.
  • August 04
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Most lenders want 2 years employment at the same place. Regardless of the lender, loans are getting more and more dificult to get  to closing. I have three buyer contracts pending, extension after extension. Wears on your nerves.. hang in there. Hopefully they will work with you. You might also check with Movement Mortgage locally in Nashville, they underwrite from the get-go.  Good luck.
 
  • August 04
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