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Tulsa Mortgage : Podcast 151

Episode-151-5.3.17-TLC-Podcast.mp3

Tulsa Mortgage This is Steve Currington dot com in the Steven Tyler show episode number 151.

Steve. Steve Tyler why. Should Potter Be smart.

Good for him. Talk about everything you need to know is what it’s like to get Steve Tyler you know what it is.

Tulsa Mortgage It’s dot.com. Steve Currington dot that is I hope you’re listening on our podcast on iTunes or maybe you’re watching on total ending University. And today we are talking about. I forgot the topic. Just kidding. Today we’re talking about. I started a new job. Steve dotcom I started the job and I can’t buy. I got to be on this job for a long time and that I can buy. Some people say that all the time. So the question is can I start a new job and also buy a house at the same time. Fair question right Sam fair enough question by the way. Tyler Wybert this is going to be the third episode ever in the history of the Steven Tyler show that Tyler literally is closing alone and cannot be here. So rest in peace Tyler. Rest in peace so the entire time you wake up. I told Sam in the beginning that I was going to pretend like Tyler was here but I can’t lie to you people. I can’t lie to you. Podcasters here’s the deal. Tom and I had a falling out. He’s mad at me right now and I’m just kidding. So that’s actually I totally made that up. But Tyler is not here. So we will make fun of him since he’s not here because that’s what you do on us on here. But Tyler would tell you there’s Marshall Marshall hanging out. Marshall wrote our intro.

Tulsa Mortgage I don’t know if you’re watching on total ending you Marshall come over here to the camera where we can see you come in this is Marshall. Marshall is our intro guy Marshall who negotiates the contract for a realtor. Well that’s good. He designed that whole thing. Good job Marshall. Good to see Abre. So the question is. I started a new job can I get a loan. Absolutely.

It all depends on your situation it depends on your loan program. And John wants to be in the video too. John from 515 over here. Make your life epic bra. So yes you can start a new job and you can get a loan. It just depends on your credit in terms of the type of job that you’re getting. In fact if you’re doing an FHA loan these guidelines change all the time so just you’ve got to check your guidelines.

But we just did one where the people started. Excuse me close their loan before they started the new job. Because it met we met. Certain guidelines we had an offer letter from the company they’re going to work. They were working in the same industry. They had a salary position and we had a Turkish employment saying what they they’re going to start when their first paycheck was. So we met those guidelines so a lot of people think well I just started a new Jellico a month ago and I changed industries and I can’t get a loan. Well that isn’t necessarily the case. Is it optimum that you change jobs and change industries. Two months ago no. But unless you’ve had a significant job gap if people. Leave a job to go to another job to better themselves to get more income to get out of a bad situation maybe get a bad boss. I don’t know. We’re not penalizing you for that. So if you’ve got solid income. If you’ve got a history of jobs where you’ve got a two year history if you’ve got if you meet the credit guidelines then there’s no reason why. So it’s a myth that people have that they think they have to be on a specific job for two years. Now there is a caveat to that if you’re self-employed.

If you quit your job today and you become self-employed or you’re 299 and your contract employee then that will create a problem that will cause you to have to have two year’s tax returns and a lot of cases sometimes one where would it if you were a W-2 employee hourly employee salary ploy that type of thing and just really smart guys out there. That doesn’t mean you own your own company and then you pay yourself a salary and try to pretend like you don’t own the company. We know what’s going on. OK we’re going to we’re going to get you. It happens. People try to like pull the wool over the lender’s eyes. That isn’t going to work. So. So when you’re applying or trying to qualify for a loan. All I’m saying is just don’t assume that because you’re starting a new job or you’re changing careers or something like that’s happening that you’re not going to qualify. Codify for that long. So it is a loan program depends on that payment. Because our credit score depends on the type of income that you get higher employed. There’s a lot of different factors that go into that. I’ll tell you a story about a client that we had. That was changing jobs. But they were also moving from one market to another. They’re in the same state but they were literally moving. Two and a half hours away. The House. Their mind was two and a half hours from where they currently work and it was about two hours and 15 minutes from their current job. And they were getting a new job in the market that they were going into. But they told us no no we’re just going to come you work. We’re just commuting. It’s normal for us. We don’t mind. I don’t mind driving 2 hours each way.

Tulsa Mortgage By the way I’m in Oklahoma. And so that would be the equivalent of us basically of you driving. To Oklahoma City and back every day which a lot of people do and you know in a lot of the East Coast West Coast areas people drive 40 miles and it takes him two hours to get to work so. So it’s not unheard of for someone to commute. But it is it is a red flag for underwriting if you’re if you’re commuting more than 100 miles. Notice not. Hours not more than two hours but more than 100 miles. OK. So this came up. In the process of underwriting their loan where were the underwriter said well what’s up. You know why are they commuting 117 miles. So it was 117 miles. Back roads apparently that’s why it was a two hour and 15 minute drive. But while the wife was a pharmacy tech at a at a time you know like a Walgreens or something like that. And the husband did sales. And so he had to explain that well when we started talking to the client about it and we just I just broke it down for like Dude if you’re getting another job here where you’re moving then just tell me that and let’s let’s figure it out. He’s like oh yeah man well my wife’s transferring. OK good. That’s a good start. And so my point is this through the process of that of finding out we got their loan closed and it wasn’t a big deal. We just had to document what their new employer if they already had an offer letter or start date.

Tulsa Mortgage He was moving. He was going to use it to start a new job but he was afraid to tell the lender that he was getting a new job because he thought that was going to kill the deal. He thought that was going to make it where he can’t buy and while that very well could have been the case. With processes and things in place to keep people from. Committing fraud from tricking us from doing things that they shouldn’t do. So we’re going to find out. Let me give you an example of that. People don’t tell us about houses that fail because they have a private mortgage. It’s not on their credit. So I would not know. Right. Well we have this thing they call a merge that we pull on every file and emerge is like a mortgage or electronic reporting service which is where the cents were. So if you have a mortgage on a property whether it be private or whatever not on your credit mercial pick it up. So even though you like got it off your credit or it’s on your credit and you’re trying to not count that against you. I find it every time. So just tell your lender what’s up. Don’t try to hide the problems that you think are happening because in the case as the story that I just told you it may not even matter. It may not even make a difference when you’re trying to get qualified for your loan. You’re just assuming that it was so full disclosure to your lenders. What I’m saying. Don’t keep any secrets from your lender.

Tulsa Mortgage It makes the qualis get really mad. He’ll see when they start screaming yelling I’m not going to say they cost but they might not use some appropriate word. Sam. I mean Sam’s heard it. He’s been here thrive when the calls have gotten a little crazy. So just make sure that you are communicating to your lender or that is your loan officer. What the story is so that they can go to work for you and if you’re a loan officer. Ask the hard questions. That’s what you have to do. You have to dig a little deeper and figure those things out because if you don’t it’s good to get found out and then you’re going to be caught kind of behind the eight ball. Like we were in that case because what we didn’t do that we should’ve done is is mapped how far it was you know and then addressed it up front. You know and put it in the file. It still may not have helped us avoid the issue but it would have been a start to that. OK so if you’re a consumer full disclosure tell your lender it’s not the end of the world if you’re starting a new job. And if you’re a lender. Don’t be afraid if your loan also. Don’t be afraid to ask the client ask them what’s up. Ask the hard questions. Dig deeper. Get a good application. That’s what By the way the whole thing you’re paid to do is to take a loan application. So just take one and make it accurate and make the client feel comfortable with relaying information to you.

Tulsa Mortgage So I tell people hey whatever you tell me I’m not going to sit back and tell you that it doesn’t matter how I’m not doing you’re alone now. No need to be able to communicate that information at the end of the day. We may not be able to do your loan because of X whatever information but whether you tell me or not and to find out and that’s the point. So not necessarily a death sentence if you’re starting a new job. So don’t forget that people that’s all we got for today.

Tulsa Mortgage Broadcasting live from that koala’s studios in Tulsa Oklahoma. You’re listening to this entire show