Is there a lender who would approve a loan even if I am employed on an hourly wage?
I just got employed on an hourly wage for the past 4 months. Is there a lender who would agree to a refinance with this set up? I’ve tried with a few but always fail during underwriting. They want to see at least 12 months on this hourly wage. My property is appraised at $450k and the balance is at $180k. It has a 30 year term that started in 2008. The property brings in rental income of $1,750 a month. by tlinden311 from Phoenix, Arizona. Mar 24th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
You can change jobs, and as a general rule, for an hourly employee, there is no requirement to be there 12 months, but... If you've been out of work a really long time, they may want to see that you've been back to work... But generally 6 months is more than enough. I lend in MN WI IA ND and SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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