Posted on: 01st Aug, 2008 09:10am
Usually lenders are not willing to offer you a mortgage loan if you do not have a steady source of income. If you are unemployed, it is commonly viewed that you don’t have any steady source of income. Unemployment benefits last for a limited period of time and an unemployed person is viewed skeptically while offering a loan. In fact lenders ask for continuous employment records of at least 2 years to consider the case for loan approval. However, even in some special cases such as seasonal employment, lenders may offer a loan to the applicant in case income is earned consistently each year.
There are some individuals who are seasonally employed. However, some of these seasonally unemployed persons receive income every year. You may be into landscaping and may not have the job during the whole year but still you may earn decent income in a year. If you have 2-year history of working as a seasonal employee with some yearly income, then you may be considered for a mortgage loan.
Unless your lender is sure that you have some steady flow of yearly income, your mortgage plea will not be accepted. Your mortgage application will only be accepted if your lender is convinced that you will be able to repay the loan.
There are some individuals who are seasonally employed. However, some of these seasonally unemployed persons receive income every year. You may be into landscaping and may not have the job during the whole year but still you may earn decent income in a year. If you have 2-year history of working as a seasonal employee with some yearly income, then you may be considered for a mortgage loan.
Unless your lender is sure that you have some steady flow of yearly income, your mortgage plea will not be accepted. Your mortgage application will only be accepted if your lender is convinced that you will be able to repay the loan.
First time home buyers. My boyfriend has the better credit, I have a sligtly higher income. My employment has been steady (same job) and income has increased steadily over 4 years. My boyfriend held a sales job for 2 years, then for the past year has worked for the IRS as a Seasonal Employee.
I'm concerned that they'll view his seasonal employment as unstable (especially since he's only been at it for a year) and took a big pay cut when he left his previous sales job.
What are our chances of approval? Our income is good, just a little unstable on his end.
How favorably do manual underwriters typically look on Seasonal Employment?
I'm concerned that they'll view his seasonal employment as unstable (especially since he's only been at it for a year) and took a big pay cut when he left his previous sales job.
What are our chances of approval? Our income is good, just a little unstable on his end.
How favorably do manual underwriters typically look on Seasonal Employment?
Hi.
Welcome to the forum.
Seasonal Employment will impact on you mortgage approval to certain extent. How much do you want to take out as a mortgage loan? Do you have more than 680 credit score and less than 40 present DTI ratio? How much both of you earn now?
Best of luck,
Larry
Welcome to the forum.
Seasonal Employment will impact on you mortgage approval to certain extent. How much do you want to take out as a mortgage loan? Do you have more than 680 credit score and less than 40 present DTI ratio? How much both of you earn now?
Best of luck,
Larry
tracic08, with the limited information you provided, in terms of how much of a loan you're seeking, it's not easy to give you a definitive answer. however, seasonal employment is not necessarily a hindrance; depending on the overall circumstances. you noted that your boyfriend's credit is good, and that will help a great deal.
frankly, if you're buying within your individual qualifications, and his income is purely supplemental, there ought not to be any difficulty. of course, if you're in need of his (apparently) somewhat limited income to qualify, that might make for an issue.
truly, more information is needed for us to give you a more definitive answer.
frankly, if you're buying within your individual qualifications, and his income is purely supplemental, there ought not to be any difficulty. of course, if you're in need of his (apparently) somewhat limited income to qualify, that might make for an issue.
truly, more information is needed for us to give you a more definitive answer.
We're applying for $138k. His income is needed to qualify, even though I make more. His seasonal job is through the IRS, so it's about 7-9 months a year, and he get's re-hired each year. More stable than, say, construction day labor of course.
His credit score is about 685, mine 645. Our combined yearly NET income is about $52,000.
His credit score is about 685, mine 645. Our combined yearly NET income is about $52,000.
his seasonal employment is probably as stable as most people's full-time, but did this just begin in 2008? i think the timing is critical, as well as being able to determine whether he's better off with this new job than he was at his previous sales job. a strong explanation letter, stating how much more beneficial this job is; along with verification of the previous employment might just convince an underwriter to go with it.
your score, at 645, isn't so bad. frankly, you'll both be best served by seeking an fha mortgage rather than a conventional loan. pricing is better with fha generally.
mortgage underwriting is based on gross income, not net, though from the number you tossed out, your income would seem to be sufficient (depending on other debt, of course).
your score, at 645, isn't so bad. frankly, you'll both be best served by seeking an fha mortgage rather than a conventional loan. pricing is better with fha generally.
mortgage underwriting is based on gross income, not net, though from the number you tossed out, your income would seem to be sufficient (depending on other debt, of course).
thanks George!
Yes, we did provide employment verification of the previous job, with W-2's as well as this job.
He began the IRS job in February 2007, worked until August 2007, was furloughed, collected unemployment for 5 months, then went back to work at the IRS (same job) when the season started in February 2008, and is still working there now... sound stable enough, you think?
Yes, we did provide employment verification of the previous job, with W-2's as well as this job.
He began the IRS job in February 2007, worked until August 2007, was furloughed, collected unemployment for 5 months, then went back to work at the IRS (same job) when the season started in February 2008, and is still working there now... sound stable enough, you think?
it sounds nice to me, but 2008 has brought us an awful lot of changes in this wacky industry. underwriters are especially conservative compared to what was in the past (and i can definitely say that, since i was formerly an underwriter; and as little as a year and a half ago).
perhaps his supervisor can embellish the stability aspect of his job by stipulating that the likelihood of his being recalled regularly is good. let's hope so.
perhaps his supervisor can embellish the stability aspect of his job by stipulating that the likelihood of his being recalled regularly is good. let's hope so.
FHA guidelines will allow seasonal employment but they do require two years in that position and some proof of the probability that it will continue.
Good Luck
Brian
Good Luck
Brian
SEASONAL FISHERMEN FOR FISHERMENS FINEST AND FHA REQUIRES CURENT CHECK STUB AND SEASON ISNT AROUND CLOSING TIME WHAT DO I DO TO GET THE LOAN
Hi MAX!
Welcome to forums!
Unless you meet the requirements of the lender and have the required documents, you won't get qualified for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you meet the requirements of the lender and have the required documents, you won't get qualified for a loan.
Feel free to ask if you've further queries.
Sussane
I was wondering if I could get a mortage. I earn 65000k a year working mostly spring and fall on oil and gas plant shutdowns and my girlfriend works call in at hosipital and makes 20000k a year. I have 2 year history with same employee and she is there going on 2 years now. my credit score is 788 and hers is 722. was wodering if get approved for 250k? I have 600 in payments and she has 400 in payments
I am seasonally employed full time for a school district. I have been working there since 2008. I make about $20,000 a year at the school district and have been making about $3000 a year over the past two years as self employed over the last . I have been self employed since 2006. I have a $298 mortgage payment and just owe $22,750 on it.I have $120 in other debt payments and rent my house out for $650 a month. My credit score is in the 700's
Hello. I have a similar situation to Tracic08. Except it is just me applying for the loan. I am a seasonal employee at IRS. have been here since 2012. I was pre-approved for a USDA loan. I am a 1st time homebuyer. My credit score is 690. My debt to income ratio is below 40%.. And i make about 36k at IRS. I was approved in July and I am waiting for my house to be built. Well, now, next week, they have decided to furlough us and i will begin to collect unemployement. I do beleive that i will be back to work before I actually close on my house in Novemeber. Will this change in income affect my loan? Even if I'm back to work before i actually close on the house?