Quote:
Originally Posted by GLOAT  I agree, in part. There are some exceptions though, per example this particular file:
15 years in the same industry, but 4 months on the new job. Hourly Rate is $11.00 per hour, but client will receives 8 hours OT per week, which is an extra $572/month. Is it, in your opinion, unethical to:
a. Inform client they must wait un until they have a full year's history of OT
b. "State" the income to reflect the OT
c. As oppose to being a "Loan Officer", be a "Salesman" and sell my client on a product/program from a Lender who will use a current stub w/the OT, but even on a "full doc" loan can't compare to another Lender's "Stated" product/program.
Such a thin line......... |
gloat
ummm, most lenders consider 50 jobs in the last 2 years one job if its the same industry. Just get together all the w2s and or tax returns. This is a full doc deal.
DONT do a stated deal just to make the DTI fit.
ps. I know you wouldnt of course..........
The banko less than 2 years out doesnt get him Fannie or FHA , but im sure there are some folks who will do this deal if he can prove income.
by the way, why is this guy DYING to buy this house in a diving market?
He cant wait another year to get FHA , probable lower housing prices, etc?
you should advise him in
his BEST interest, which might be to wait until he can go FHA and get the best 30 year fixed avail ...........
