good credit but spotty work history???
my question is what lenders will accept art time work history of only a year as income or what steps are next... my background : i am a reg nurse.. i was working full time until january of 09 when my kids mother abandoned our kids on me..( it was was split visitation prior to that i was working midnight shift weekends per diem at the time) anywho by her doing this it cost me my job as i set my work schedule to the days i didnt have the kids.... long story short...by her doing that i had to resign and i was and still am on unemployment.. i picked up a part time job working contract sporatically but still allows me to draw unemployment... i have been working at this part time job for over a year now..i started june of 2009 but i had a break of no employment from the end of january up until about june.. my credit is excellent i have checked religiously over the last 6 months my middle fico score is 750+ in addition to the part time salary (and unemployment although i know that cannot be included) i receive a military disability check and always will (and have for over 15 years) for 1126 ... so my income is 1126 per month from military pension .....my part time/ contract job averages out to approx the same 1125 per month..IF IT CAN BE INCLUDED...that is my overall delima...is if i can find a lender who will include this income in for the purpose of a loan.. the home im living in (renting with lease to purchase option) that im wanting to purchase is 90k and ive already put 10k down so only financing 80k ...sorry for the lengthy description but trying to find out if there are any lenders who can work with what (on paper) looks like a spotty work history but if all the details are shown it shows more stability than it appears in my military pension alone almost covers the debt to income ratio needed by itself to secure an 80k dollar loan but if i can find a lender who will include my part time work im well over the debt to income ratio and with a credit score of 750 i would hope should be able to get the loan by whgoff_873_173 from Charleston, West Virginia. Aug 25th 2011
another detail i forgot...the main reason i was working partime/contract was i have 1 child in day care 1 in kindergarden and couldnt find a babysitter that could accomodate both..however i planned on returning to full time work now that both kids are now old enough to be in kindergarden and 1st grade now and day care issues are no longer a concer...so now i could go back to working fulltime ..however i was told that this may make it more difficult to get a home loan as the "time clock" would be started over again and i would have to work full time for a year or 2 in order to include that as income... so im unsure of where to go from here... stay working part time? or go back to full time?? where to go from here
Gary Smith (gsmith)
#37 ranked lender in Arizona - 4 contributions
Do you have VA eligibility? That would be the best loan program.If you have had your contract employment for two years (on 2009 and 2010 federal 1040's) then i woiuld be allowed to average the bottom line income from your schedule C (line 31) to determine a monthly income. Of course I cannot use umemployment income, as you stated.You can reach me at www.garynsmith.us or at gsmith@bncnationalbank. Phone number is 480-505-7457. I would be honored to assist you if I can. If I cannot, you will receive an honest answer up front. Gary N. Smith
Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions
I've heard 5th/3rd bank will accept one year's worth of "self employed income" on a conventional loan if when they run the automated findings it allows for it -- but were you unemployed January 2011 - June 2011 because that could be a bigger issue... Usually I would say VA would be your best option -- and it may still be - but it would ultimatly be an underwriter's call. You need to find a lender who will try and submit it VA with a explanation letter to the underwriter about your situation. I wouldn't say it can't be done - but be ready to fight for your loan. And be prepared to submit anything the lender ask for to prove your income situation.
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