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If I accept a new position in a new city and my closing is in that new city, how long must I prove I will be in that new position in order to close? Must I simply show proof I'm in that new position on closing day? Musdt I say I will be with them for 6 months? 12 months? What is the standard requirement?
I ask because I'm being offered a contract and want to make sure it's long enough to allow me to close the loan. I'm going 30 year VA. Thoughts?
It can be either 1 day on the job or 30days on the job.
If it's in the same industry AND salary, then it will most likely be 1day.
I have seen lenders make an exception and close the loan before the start date.
If it's hourly, then they'll usually require 30days on the job
Quote:
Originally Posted by davidhvoss
If I accept a new position in a new city and my closing is in that new city, how long must I prove I will be in that new position in order to close? Must I simply show proof I'm in that new position on closing day? Musdt I say I will be with them for 6 months? 12 months? What is the standard requirement?
I ask because I'm being offered a contract and want to make sure it's long enough to allow me to close the loan. I'm going 30 year VA. Thoughts?
Salary is often guaranteed while hourly is not.
It will all depend on the offer letter given by the new employer.
Either way...most lenders require that you 1 day on the job
Quote:
Originally Posted by Schousse
I always thought that as long as you stayed in the same line of work, it wouldn;t matter. Did those guidelines change?
We just closed a couple of weeks ago and it was a few days before the start date of the new job. Same field of work and with a hospital that had been a prior employer a couple of years ago so that helped. We were coming halfway across country and needed the house to be open and ours before we got to the town so the made it happen for us. Hats off the the mortgage broker and lender who pulled it off for us.
Does anyone know how many employers they'll need to verify?
I've been in my current position for a little under a year and a half, and the builders lender I am looking at has said they'll need to verify for the last two years. My previously employer is a company privately owned by one person who is very vindictive, and I doubt the employer would even respond to an employment verification request. I'm hoping if that happens a W-2 and paycheck stubs would suffice, but it is rather worrisome.
Most likely the Automated system will ask for 2yrs of w2s OR a verbal verification of employment
Quote:
Originally Posted by Smokipenelope
Does anyone know how many employers they'll need to verify?
I've been in my current position for a little under a year and a half, and the builders lender I am looking at has said they'll need to verify for the last two years. My previously employer is a company privately owned by one person who is very vindictive, and I doubt the employer would even respond to an employment verification request. I'm hoping if that happens a W-2 and paycheck stubs would suffice, but it is rather worrisome.
Does anyone know how many employers they'll need to verify?
I've been in my current position for a little under a year and a half, and the builders lender I am looking at has said they'll need to verify for the last two years. My previously employer is a company privately owned by one person who is very vindictive, and I doubt the employer would even respond to an employment verification request. I'm hoping if that happens a W-2 and paycheck stubs would suffice, but it is rather worrisome.
Since this is a previous employer, assuming Automated underwriting asks for two years, you should have no problem using the W'2 and having your broker do a verbal verification of employment using just your dates of employment and position with the company. No need to get into income and it takes away the risk of that employer trashing you on with written VOE. Good luck!
Thank you - the problem is going to be even getting a verbal. The owner of the company I previously worked is extremely unethical. I could see her claiming I never worked there or refusing to take the call and say that I worked there. She also refused to pay me my last check when I quit (and I turned in notice and worked late nights getting them up to speed before I actually left).
There are several other former employees who could vouch for my being there, including the former HR director. I'm hoping the bank would accept their word if necessary.
I am pretty sure that all you need are paystubs and w2s.
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