Can I get pre-approved for a home loan?

unertljeremy · Joined: 19 Jul 2008 Posts: 2 2.11 Dollars($)

I am an athlete who just finished a 2 year contract. I have yet to resign with my current team. I may choose to go to free-agency to insure top dollar. I'm having trouble getting pre-approved because they want to see proof of employment but I will not sign another contract until Oct. any suggestions?

sweeney · Joined: 20 Jul 2008 Posts: 119 23.51 Dollars($)

Yes, that will be an issue for any income verifying loan. You will have to wait unless you consider a non income verification loan.

brian1 · Posted: Sun Jul 20, 2008 8:25 pm Post subject:

Whileo you satisfy the two year employment rule you do not fit the prove continuing income rule.

Once you sign it should be easy enough but until then the banks sees you as soon to be unemployed

Good Luck
Brian

unertljeremy · Joined: 19 Jul 2008 Posts: 2 2.11 Dollars($)

are non-income verified loans readily available? Do they have higher rates?

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Hello Guest.

Because of the financial crunch the lending rules and standards got tightened. So it may be tough to find non-income verified loans or the rates will be higher. So I feel you should better wait.

I you can even seek No-obligation free consultation from the community experts so that you can know if there is any affordable programs available for you.

Caron · Posted: Mon Jul 21, 2008 6:18 am Post subject: RE: no doc and NINA loans

Hi unertljeremy,

You can try out with no doc loans wherein you need provide documentation of your income or NINA loans which are offered without verifying your income and assets. But these are available at higher rates of interest and the lender will prefer you to have good credit indeed. So, what's your credit profile like? and do you have enough savings or cash reserves?

Just in case you'd like to check out no doc loans , refer to a previous discussion on a similar topic. Also check out for information on NINA loans in case you'd prefer to go for it.

Good luck

gmakerley · Posted: Mon Jul 21, 2008 7:46 am Post subject:

if there is a lender currently offering NINA, that lender is in for a rude awakening. the marketplace (overall) is not accepting of that type of risk - buyer beware - as rates will be off the charts.

i think you'll have to delay your plans until such time as you sign your new contract, jeremy. i would think your agent (you must have one, right?) would be able to help in this area.

be conservative when you do go out shopping also. your contract might be lucrative, but that doesn't mean you'll be able to spend every last dollar on housing or other toys. look at all the athletes who are in foreclosure (or already gone) to get an idea of how careful you really need to be. find a lender with some sense, too - not some starry-eyed wannabe who sees a quick and easy and large paycheck with no concern for the long-term.

brian1 · Posted: Mon Jul 21, 2008 4:51 pm Post subject:

Sabercats this weekend..........
They play about an hour from me... fun sport to watch... we also have an AFL2 about 45 minutes from me...
Good Luck on the contract.........sorry had to do a search I was way too curious not to

B

evolovik26 · Posted: Mon Jul 21, 2008 9:25 pm Post subject:

One thing that you can do if you have the means (im shooting in the dark here) is set up an annuity or if you have your money in some sort of money making venture such as annuity, money market fund, business, trust, you can try using the proceeds of that as your income. Most of the time that would have to have a 2 year history and might not be enough for the home you want to buy but it might be worth a shot.
Otherwise cash is king!! Go small now or rent you can always upgrade later when you get big contract. Good luck with everything.

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