Profile picture for fhudetz

What do you do when you've just started a new job after long layoff and need to show being employed?

Specifically, I have a 5YR/ARM that balloons in Jan 2011 and becasue I cannot show that I have worked at least a year in my new employment by then, the banks are telling me I cannot qualify to refi....even though I've never missed a payment nor do I have a bad credit rating (currently 730).....there must be an answer to this..can you help??
They have also told me that I do not qualify for loan modification help either because I have a high net worth.
  • May 28 2010 - Lisle
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Answers (11)

Profile picture for See Lee!
I may be to late answering this. please excuse the late response. New to Zillow, but not Real Estate :)

I would recommend asking a Realtor for 3 recommendations on who that person thinks would be a possible solution for your situation. Some lenders should have no problem while others hands may be tied because of the company they work for has parameters to stay within. 


If you want my 3 local (I live in Lisle) loan officers, just contact me and I will be happy to pass out the referral. Loan Officers and Realtors love referrals. 
  • August 03 2010
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up to 850K, 25% equity or more, 5/1 aprx 4%. Up to 1.5M with 30% equity, 4.00% - 4.125%. As a guide, use a debt ratio of 38% for the PITI payment and 45% for total debt ratio.
  • May 30 2010
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With your credit rating, assets, and new job, the best loan for you would be a portfolio loan.   I expect you would qualify for our Fixed Rate Portfolio Jumbo product. 
  • May 29 2010
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Profile picture for fhudetz
All of your comments have been helpful and encouraging. To clarify, the new position that I'm employed in is within the same field I was in before and is a low 6 figure salaried position.
I will add one other point to this dilemna...I do have a super jumbo loan and have offered to pay it down to the regular jumbo size but even that would not satisfy the current lender at the time I asked for the refi....however to be fair to them at that time (3 month ago) i was not working in a related field to my last long term employment.
Any other comments would be helpful.
Frank
  • May 28 2010
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fhudetz, it would help to give you information if you came back on your thread and answered some questions. Your profile page shows a listing in Lisle for $1M, if the subject property is listed for sale you will have a much harder time refinancing. Your new job will have to pay enough base salary to qualify on, if commission or bonuses make up a large part of the income then that wont work.
  • May 28 2010
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Does new employement mean new career or new job in the same carreer?

If you are in the same line of work as you were prior to your lay off, you should be ok after getting as little as one months paycheck. (by FHA standards)  If you are using a broker, they will be able to find you a lender willing to do a loan for you.

If you are in a new career, you may be out of luck for a while unless you can tie the two jobs together.  If you had any schooling to do the new career, you can usually count that as time on the job if you got a degree/diploma. 

  • May 28 2010
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Looks to me like you have a Super Jumbo loan with a conventional bank (contact me if you want to know how I think I know this).  The Super Jumbo means there is creativity needed and specialization in that kind of product and your current bank may just not be able to be creative enough right now, but that is not the end.  I have some other ideas in mind, but the main thing will be to work with a lender who specializes in this type of product since your circumstances are not so unusual for the demographic that would need this kind of financing.
  • May 28 2010
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This is a pretty common problem and probably going to get more common. For a loan, you need a new bank or banker.  There may be other underlying reasons for not being approved like debt-to-income but sounds like you need to talk to another person.

For modification, it is true there is a net worth element, but there again it's more about the investor (Fannie, Freddie, etc.) than the servicing agent (bank).   Sounds like you may not be getting the best advice from those that have an interest in making sure you keep this loan.
  • May 28 2010
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It is usually part of a lenders qualifications to validate income for the last two years.  I have not seen any way around that as of yet.  But the most you can do is shop around lenders in your area.  It is more likely that you might find success with a credit union or bank rather than a mortgage broker.  But that is just from my experience.  If you do find some sort of remedy please remember to repost.  That would be the first I would have heard of.
  • May 28 2010
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Find a new lender.  I say if they can't look at the facts of your situation and make a decision based on you as a person, your clean payment history, and your excellent credit score then you are dealing with the wrong people.
  • May 28 2010
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What type of work do you do and are you paid a salary, W-2? Is your  loan conventional and what is the balance/estimated value?
  • May 28 2010
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