I need a letter of Proof of Job Transfer for Mortgage loan,?
beekeeper asked:
I bought a House in another state , My job will allow me to transfer to the new location , the problem is that I am off work on disability for a blood infection and my job won’t give me a letter until I go back. and the Mortgage Company wants the Letter now or they want to do a stated income loan at a higher interest rate. any Ideas Thanks
Connie
I bought a House in another state , My job will allow me to transfer to the new location , the problem is that I am off work on disability for a blood infection and my job won’t give me a letter until I go back. and the Mortgage Company wants the Letter now or they want to do a stated income loan at a higher interest rate. any Ideas Thanks
Connie
Tags: Disability, Mortgage Company, Stated Income
July 15th, 2009 at 4:20 pm
Terri
Have you looked at anymore options in terms of alternate mortgage companies? I am willing to take a look at your situation, drop me a line I will do what I can to help you out! I am a mortgage broker who is licensed in all 50 states and I work with over 100 lenders so I am sure if you decided to look into another option I can help!
July 18th, 2009 at 3:18 pm
Alma
Here is the problem. You can’t go stated on a non-working person. You may have to go NO DOC but you better have good credit AND your rate will be significantly higher. On paper, you can’t show that you are employed. You have 2 options:
1. get a letter from your employer.
2. Go NO DOC and eal with the rate.
If you need more assistance, email me
July 20th, 2009 at 4:25 am
Helen
Moving out of state is a risk to the bank because it is “speculative” that you will be continue making the income you are earning in your current state. Additionally, on disability, you have a passive income.
They cannot get you to qualify on your disability income? Do you have a co-signer? You can do no doc if your credit is good enough. You can also do credit repair to improve your score.
IMPORTANT, I always advise clients that getting into the house is important. Once you “OWN” the property, you have leverage. Take whatever loan you qualify for and you can refinance shortly thereafter.
Be persistant. You’ll find someone that will get your loan done.
Have you had any side businesses? Maybe your CPA will vouge that you have been self-employed for 2 years.
You’re going to need “creative” financing.
Good luck!
July 21st, 2009 at 2:30 pm
Veronica
I think your broker is on the right track with this. You’ve got two avenues to attack here: the letter and the mortgage. To me, it looks like your better avenue would be to get this letter. You’ll have this problem with any mortgage company.
It seems silly to me that you are getting a stone wall at work. Write up a soppy letter that explains how you need this loan and one piece of paper from them is all that is keeping you away from your dream.
Also, the letter you show the lender doesn’t necessarily need to be from the president of the company. They’re usually just looking for something on their letterhead with a signature of someone in some kind of supervisory position to you.
Best of luck!