Multi-family home/Probation
I am really interested in purchasing a fourplex, the rent is affordable where I am and I have found some excellent bargains in multifamily homes where I would like to be in. The average price is around 350,000 and they rent around $800/month each.The down payment will be gifted to me and an additional three months reserves in my bank account for precautionary purposes. My current income is 50,000 annual, and I started the job five months ago. Coincidentally I have five months of probation left. Some lenders I have talked with have informed me that FHA will absolutely not work while on probation. Does anyone know the full scenario for multifamily primary residences while in a probationary period, and if its possible? by vincen_690_981 from Mobile, Alabama. Oct 11th 2011
Anthony Hood (tony@equityinvestmentcapital.com)
#178 ranked lender in California - 1,141 contributions
Unfortunately the other lenders are right, I had the same issue with one of my clients when the verification of employment comes back it will state probationary and they will not accept it. you will just have to wait till you are a full time employee. one other question that I would have is how long have you been in this business and if its under two years did you go to school for this position?
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Lender overlay's vary, however on the verification of employment (VOE), it's asks if employee is probationary, however right below that it asks what the probability is for employment to continue. There are lenders out there who will accept this type of employment.. best thing is to contact a local mortgage broker, not a bank. He has a vast network of lenders he deals with and can find the right loan product for your particular scenario... WilliamAcres.com
Tommy Peoples (TommyPeoples)
#7 ranked lender in Alabama - 19 contributions
I would like to help you with your purchase. My company is a direct lender but if we cannot resolve the verification of employment issue then we do have the ability to broker your loan to one of our partner lenders. And we are located in Daphne so we will be local for you. Please give me a call at 251-621-3247. Tommy
Ask our community a question.
Get an answer
Related Questions
