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Thread: VA loan advice!!

  1. Fresh Newbie
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    #1

    VA loan advice!!

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    We put an offer on a house and it was accepted! Our lender called today and said their may be an issue with my husbands employment. He is seperating from the Navy and they are using his new job to confirm income. Well his new job is a seasonal landscaping/construction job that works 9 out of the 12 months. The 3 months they dont work he will be on unemployment. Our lender said the VA may not approve it since its full time seasonal. He is going to ask for an exception but doesnt know if it will work or not. I am so disappointed that this has just been brought to attention now. Does anyone have any insight on this or has gone through the same thing??
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    #2
    Is he the only one on the loan? When DH and I purchased, they used both our employment histories/expected income into consideration
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    #3
    WOW ! So in order to buy a house you would have to find a job already ? Me and DB are looking at houses to and I just wanna know for my own self ! (:
  4. Team Rocket
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    #4
    Quote Originally Posted by fivefourteen View Post
    WOW ! So in order to buy a house you would have to find a job already ? Me and DB are looking at houses to and I just wanna know for my own self ! (:
    It's pretty hard to be approved for a mortgage without at least 2-3 years of solid employment history.
    WiggleWiggle~ is my Wifey
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    He is the only one on the loan. He did he years in the navy and is now seperating. He has 10 years of solid employment history, but his new job that he is starting on monday is seasonal like i said above.
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    #6
    Quote Originally Posted by brittney3 View Post
    He is the only one on the loan. He did he years in the navy and is now seperating. He has 10 years of solid employment history, but his new job that he is starting on monday is seasonal like i said above.
    Ah ok. I don't really have any advice, sorry. When we did our home loan they were pretty strict about employment history but since we were both on it, it was easier to be approved.
    WiggleWiggle~ is my Wifey
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    #7
    The bank is concerned with how the mortgage will be paid. So while employment history is important, so is the need to show that you will have sufficient funds coming in to be able to pay the mortgage each month.
  8. Quis custodiet ipsos custodes?
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    #8
    I see this sometimes when people come in applying for home loans. I understand he had 10 years of solid employment history but the bank wants evidence of ability to pay going forward. It does mean something to have that history, but the bank is also going to look at the fact that when it comes to paying back the loan, it's not going to be the income from the steady long-term job that is going to be used for that, it's going to be from a new, seasonal job.

    I think it really depends on the circumstances etc. but I know I've seen our loan officer get mortgages closed based on relatively new employment, I can't think of a specific instance in a new job that was also seasonal. I hope it works out for you guys!
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    #9
    My DB closed on a house recently with a VA loan. He was also separated and had a new job. They accepted his new employer contract as proof of employment for the prepproval but then had to supply I think three pay stubs (1.5 months) to them for proof before closing. I have a conventional loan and my bank was even more strict with proof of employment. I think you are going to be in a pinch unless you can provide proof of stable income with paystubs.
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    #10
    His incoem history doesn't matter much, because having had a stable job in the past doesn't pay your bills now. You may feel confident, but to them, it is all just numbers and statistics. And they don't really have much room to change their requirements, especially with a VA loan or a very large bank. If the VA requirements are that seasonal jobs aren't sufficient, there's probably not much they can do to change that. Do you work for income? Is there are reason you can't be added to the loan?
    Science always wins over bullshit. ~Dick Rutkowski
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