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Home mortgage loan BS....

Discussion in 'Questions From New Drivers' started by Lennythedriver, Mar 13, 2020.

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  1. Mar 13, 2020 #1
    Lennythedriver

    Lennythedriver Road Train Member

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    I have a credit rating of over 800. I’ve never been turned down for a loan or been delinquent in my entire life. Every mortgage I’ve ever had I’ve worked hard and paid it off in full early. Like usually within a few years. I go into truck driving and I want to purchase a home and I find out that I’m treated by every mortgage lending institute out there like a second-class citizen. Because I am paid by the mile. They won’t approve a mortgage until I’ve been a truck driver for 2 to 3 years. Their excuse is that if you don’t work you don’t get paid. Well last I checked, even hourly employees don’t get paid if they don’t show up. What kind of lame excuse is that to discriminate against truck drivers?

    does anyone know of any lending institutions that are saying enough to lend to a truck driver? How’d you all buy your home?
     
    Lennythedriver, Mar 13, 2020
    Lennythedriver, Mar 13, 2020
    #1
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  3. Mar 13, 2020 #2
    buddyd157

    buddyd157 Road Train Member

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    i had no problem. wife and i applied decades ago, so maybe that could be it?

    as long as you can provide W-2"s, tax records, etc, i cannot see why you got denied, UNLESS you have not been at any job long enough?

    in other words, you say that you have been driving 2-3 years?

    is that all with the same company?

    if not, then that could be the real reason, they want to see stability with one employer.

    just my best guess on that.

    then, just try credit unions (but i think you have to join them) , smaller banks, even online banks, like the Lending Tree..???
     
    buddyd157, Mar 13, 2020
    buddyd157, Mar 13, 2020
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  4. Mar 13, 2020 #3
    Lennythedriver

    Lennythedriver Road Train Member

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    Thank you for the reply, no I’ve only been driving for one year and four months. They said they can approve me until I’ve been at the same company for 2 to 3 years. So I’ve got about a year and a half more to go. It’s crazy to me. I’m even going to put 25 to 35% down.
     
    Lennythedriver, Mar 13, 2020
    Lennythedriver, Mar 13, 2020
    #3
    bzinger and Chinatown Thank this.
  5. Mar 13, 2020 #4
    Chinatown

    Chinatown Road Train Member

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    Chinatown, Mar 13, 2020
    Chinatown, Mar 13, 2020
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    bzinger and Vic Firth Thank this.
  7. Mar 13, 2020 #5
    thaistick

    thaistick Road Train Member

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    Sounds like the problem is you only have 1 complete year of tax returns in your current profession. In their eyes, you don't much stability in your career. Most lenders only require two years of tax transcripts, especially with good credit and a sizable down payment.
     
    thaistick, Mar 13, 2020
    thaistick, Mar 13, 2020
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  8. Mar 13, 2020 #6
    Mid-May Trucker

    Mid-May Trucker Road Train Member

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    You going to wrong banks credit unions will easily finance you.
     
    Mid-May Trucker, Mar 13, 2020
    Mid-May Trucker, Mar 13, 2020
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  9. Mar 13, 2020 #7
    Rideandrepair

    Rideandrepair Road Train Member

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    Keep shopping, you’ll get a loan. As long as you have income to show. Rates are dropping, should be a lot of Competition for your bussiness.
     
    Rideandrepair, Mar 13, 2020
    Rideandrepair, Mar 13, 2020
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    bzinger Thanks this.
  10. Mar 13, 2020 #8
    Chinatown

    Chinatown Road Train Member

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    Yes, try a credit union.
    ~
    Freymiller has some type of program, but I don't know the details.
    I'm not recruiting for Freymiller, but maybe this is an option.
    Freymiller - CDL-A Company Truck Driver Jobs
    https://freymillerdrivers.com
    Plus, we’re proud to announce a new partnership with Home Creations that makes it easier than ever for Freymiller drivers to own their own home – ask your recruiter for more info!
     
    Chinatown, Mar 13, 2020
    Chinatown, Mar 13, 2020
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  11. Mar 13, 2020 #9
    Lennythedriver

    Lennythedriver Road Train Member

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    I’m telling you it’s because I’m paid by the mile. I’ve spoken to the elusive underwriter directly. You know that guy that has the final approval on your loan that nobody ever knows who he is and can talk to you? Well I’ve actually talk to that guy. He said I can’t qualify for an FHA or conventional home loan because I do not meet the requirements as I’m paid by the mile. Believe me I explain the whole dynamic of the extreme demand for truck drivers and they were only allowed three days off per month and the rest of the time I’m out earning money and if I don’t drive I still earn money because I get detention pay. They just don’t care. They basically consider your income the same as someone who is like a waiter or waitress in a restaurant. It fits into that same category on their little sheet they fill out.
     
    Lennythedriver, Mar 13, 2020
    Lennythedriver, Mar 13, 2020
    #9
  12. Mar 13, 2020 #10
    bigtravelr

    bigtravelr Light Load Member

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    It's always been a rule no matter the industry that you're supposed to be in the same line of work for 2 years.

    underwriters can make an exception as long as you have consistent 6 months worth of income on a tax return.

    If you were in Florida I would tell you to try RP funding.

    Quicken loans is also a decent nationwide lender.

    There used to be a bank called Interfirst. They were also a decent nationwide lender.

    stay away from any of the big bank names like Wells Fargo Bank of America or any of them.

    Even though you have money to put down you may want to try to go FHA because they have more lenient underwriting guidelines.
     
    bigtravelr, Mar 13, 2020
    bigtravelr, Mar 13, 2020
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