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Answers (10)
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
Sounds to me like it is worth a shot (as Shane points out). Job history is a big part of qualifying for a loan but it is not the only thing. If everything else is strong I would think your Mom has a very good chance at approval.
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
Well 36 hours/week is much better and is certainly considered full time in most health/medical related jobs. You are right, it is tough to muster up the courage to speak with someone about if you are able to qualify to get a loan from their company, but you always miss 100% of the shots you don't take, and if you have a loan officer who can help your mother put together a strong file then she'll have a good shot, and should confident about it.
- tamika256
- Contributions:20
To Mr. Miline:
I typo'd. She works 36hrs. which is considered full-time. I think that she might have a good shot at getting a loan. Convincing her to talk to someone is another problem. Each lender has different requirements, and sshe won't know for sure until she talks to someone.
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
Yes I had a client who did home health for various companies - it was reported as W-2'd earnings which prevented them from having to wait 2 years in order to use the income. The earnings had to be averaged rather than the hourly rate x average of hours worked per week.
Is 26 hours a week considered a full scheduled though? If not, then it would be considered part-time and a lot of lenders will require it to be going on for 2 years in that situation. If 26 hours a week is considered full time (which I am looking at the paystub from my home health client and some weeks it was 50 hours and then some it was just a few), then it's possible that the employment would be OK to qualify not assuming any other issues.
But there is another issue, the gap in employment. When there is a sizable gap in employment (usually defined as 6 or more months) lenders really want you to be back on the job for at least 30 days, majority of situations it's 6 months, and if it isn't a full time job then a lot of lenders will require at least 1 year, and then of course there will be lenders requiring 2 years like you've been reading. The other item to note is that you also need to document a 2 year employment history prior to the gap in employment, and so if she still has kept her records or that hospital is still around and can verify her past employment, that would then meet that part of the requirement.
So, is she guaranteed to get approved at the first lender she applies with? No. But if her documentation is in order it shouldn't take very long to find a loan officer who is confident that their underwriters will approve the loan, and then she'd just need to embark on the pre-approval process to actually see if her employment & it's income would work. If her credit is in shape, and her debt ratio qualifies (that could be a sticky area depending on how they calculate income), then I'd recommend she talk to a few loan officers (perhaps you both do a conference call) and see how things go.
Is 26 hours a week considered a full scheduled though? If not, then it would be considered part-time and a lot of lenders will require it to be going on for 2 years in that situation. If 26 hours a week is considered full time (which I am looking at the paystub from my home health client and some weeks it was 50 hours and then some it was just a few), then it's possible that the employment would be OK to qualify not assuming any other issues.
But there is another issue, the gap in employment. When there is a sizable gap in employment (usually defined as 6 or more months) lenders really want you to be back on the job for at least 30 days, majority of situations it's 6 months, and if it isn't a full time job then a lot of lenders will require at least 1 year, and then of course there will be lenders requiring 2 years like you've been reading. The other item to note is that you also need to document a 2 year employment history prior to the gap in employment, and so if she still has kept her records or that hospital is still around and can verify her past employment, that would then meet that part of the requirement.
So, is she guaranteed to get approved at the first lender she applies with? No. But if her documentation is in order it shouldn't take very long to find a loan officer who is confident that their underwriters will approve the loan, and then she'd just need to embark on the pre-approval process to actually see if her employment & it's income would work. If her credit is in shape, and her debt ratio qualifies (that could be a sticky area depending on how they calculate income), then I'd recommend she talk to a few loan officers (perhaps you both do a conference call) and see how things go.
- tamika256
- Contributions:20
To Mr. Milne:
She worked as a CNA for 7yrs at a hospital, she left and couldn't find a job for 7months. She found another job as a CNA, and left that after 3months for another CNA position. After about 2 to 4months, she was fired from that position and went on unemployment for 6 or 7months. She then found a job as a home health aide, and she's been there for about a year now. She's worked in the same field for about 10yrs. or so. It's just that her employment has not been steady for the past 2yrs or so. She works 26hrs a week, and her employer pays her every week. I don't know if you're familiar with home health, but you may have work 1 day and nothing the next. Thankfully she's been on the same case for the past year. Her concern is that the banks will see her job as unsteady and not give her a loan.
She worked as a CNA for 7yrs at a hospital, she left and couldn't find a job for 7months. She found another job as a CNA, and left that after 3months for another CNA position. After about 2 to 4months, she was fired from that position and went on unemployment for 6 or 7months. She then found a job as a home health aide, and she's been there for about a year now. She's worked in the same field for about 10yrs. or so. It's just that her employment has not been steady for the past 2yrs or so. She works 26hrs a week, and her employer pays her every week. I don't know if you're familiar with home health, but you may have work 1 day and nothing the next. Thankfully she's been on the same case for the past year. Her concern is that the banks will see her job as unsteady and not give her a loan.
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
What she do before she began working as a home health aide for the past 1 year? Is she with just 1 employer? Does that employer pay her with regular paystubs and do they send her a W-2 at the end of the year? Does she work full time with the employer?
- tamika256
- Contributions:20
Well, I'm asking on behalf of my mother. She's been working for about 1yrs. as a home health aide. Friends have told her that no one will give her a loan because home health isn't steady work. So, I'm trying to find out if hher job is acceptable.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
princess...I do not know your exact circumstances but generally speaking everything you were told is wrong. If you husband had 2 years of previous work experience before the lay off, a month worth of pay stubs would do the trick. As for you, your time in school as long as it is in the field you are working counts in the two year time frame. You need to find a different loan officer.
- prinsessa54
- Contributions:1
We were told 2 years no matter what your circumstances are. My husband was laid off two months ago. We were told that even if he found a job and started working tomorrow we would probably have to wait a year if not two years. I have only been working full time in my line of work for one year so we can't use my income even though I was in school before that or looking for a job.
- Carl Henker, "Carl Henker"
- Contributions:755
Generally two years in the same line of work. Exceptions may be made for recent college graduates. Meet with a local loan office and discuss your specific situation.
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