A Community for Mortgage Loan Officers

My company just came out with this same program, seems like it's becoming pretty common now.

That's kind of what I was thinking too, it looks like the majority of situations will have a better solution than this. Thank you!

Thanks, he has over a year in the trades, even if they call it Variable income he should be fine so I preapproved him, thanks for the insight ya’ll!

Any update?

Qualifying income is what matters, I’ve never had an underwriter require us to include a certain income type like bonus or overtime if we didn’t want to include it. There are lots of programs the require “total household income” to be under a certain threshold, where you have to include everything, ...

We use Blend, costs us $50 per closed file but the integration with Plaid, MortgageCoach and Day1certainty is aweome!

Anyone have experience with EPM's 3.5% FHA DPA program? Seems like rate sucks and its BPC only, but might be a deal saver in the right situation.

Paid leads are all the same; it's possible to be profitable, but your work/reward ratio will never come close to building referral partner relationships. Personally I don't pay for leads.

Following...

I have a borrower who works in the trades, mostly commercial. He said he is employed by a union, but he sent me 4 different W2's from last year. Does he have to go FHA?