USDA RD Loan Job Requirements
My fiance and I are considering a USDA RD Loan to buy a home for our family. This will be the first house we have bought. I've put in all of our income info into the website to find out if we are eligible, and we are. The only thing I have seen lately that might be a problem is the work requirement I keep seeing that says you need to have a history of 2 years of steady employment. We still live separately right now due to his employment during the past 2 years. The employer he had when we met gave him a layoff. He looked hard for work until he was employed a year later, only to have been terminated for asking for his grandma's funeral off. He was hired in at his current employer 6 months later and has been there for 4 months and makes very good money there. I have been with my employer for almost 10 years, and after having our 5th child had to drop to part time in order to care for the kids when daycare was no longer an option and family was unable to care for them due to health issues. Our income is reliable and he plans of course on staying with his new employer until retirement. He wants me to quit my job in the near future to stay at home with our 5 very young kids so that they have household and familial stability, as he works 10-12 hours a day at least 5 days a week with potential overtime on weekends, and one of us has to be there for them reliably. Is quitting my job and being approved for the USDA RD Loan a possibility? by pandagrey67578 from Plainwell, Michigan. May 22nd 2018
Mike Silkworth (msilkw_195_870)
#29 ranked lender in Michigan - 531 contributions
Hi PandaGrey - Good job on the research - the next step is real simple ... you need to have an experienced lender look at your scenario. This is a perfect example of needing a seasoned career loan officer that has successfully navigated complicated qualification criteria like yours. It would be irresponsible to give an answer without conducting an interactive interview with you and your finance. Job stability issues are not cut and dry, they are different for all individuals and approvability is dependent on building a narrative that allows an underwriter to be comfortable that future income is predictable and stable. Here are the possible outcomes: 1) you are approvable right now by properly documenting your ability to re-pay a loan 2) you may need to stabilize income to be ready for a loan in the future. I have 15 years' experience (here in Michigan) helping borrowers successfully get approved for home loans and successfully make their home payments in the future. I'd love to help you through this. My contact information is: Mike Silkworth (517) 489-2328, msilkworth@unionhomemortgage
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
More info needed, but in short, if you plan on buying a home, you should hold off on quitting your job.. realistically, it's very difficult if not impossible to advise you specifically without knowing all the details.. Specifically, what type of work does your fiance do? Was he in the same "industry" for 2 or more years? Or did he do a career change? Is he paid hourly? Salary? Commissions? Bonuses? Again, much more info needed.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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