Are there any non-conventional home loans we qualify for?
Recently my husband and I attempted to purchase a home through FHS. We went through the entire process all the way up to the day before closing and then we were told "sorry, we can't underwrite the loan because your husband's salary changed from base to commission. Just like that. Even though they had all paycheck stubs, bank statements, tax records and verification letters, they waited till the day before closing to tell us that his commission needed to be for the past 2 years and he just got the promotion in June. So even though he makes more money, at the SAME company, they denied us.
Now, it's the next day and we have to get out of our funk and try something different. Are there any other non-conventional loans, Fannie Mae, etc., that will make an exception to the commission time frame?
- Quicken LoansLv 510 years agoBest Answer
This is very uncommon that the lender refuses to work with you entirely based on the fact that his income changed from base to commission. I would go through a different lender. Also, are you talking about an FHA loan as opposed to FHS?
To qualify for loans the lender needs to check your credit score, debt-to-income ratio if you bought the house, 2 years of income history (changing jobs shouldn't matter as long as there has been a history of stable and sufficient income), appraisal of the house (the house needs to appraise for your loan amount), and you need a sufficient down payment and money for closing.
If you have all of this, it's highly unlikely you can't qualify. I would highly recommend going with a different lender.
- 10 years ago
It sounds like an issue with your lender and not the type of loan. I would go and talk to some other lenders and tell them your situation and see what products that they have to offer. If it was just an issue with the specific loan or product that they were offering you, they should have offered a product change and delayed the closing long enough to work everything out, not just deny you completely. If they don't want to work with you, take your business some place else.