Letter Of Explanation

[Mat K.]

Good day to anyone reading this ! I'm a newbie looking at house hacking and currently got conditionally approved to purchase a 350K 4plex in the state of Texas . However, the loan officer wants me to write a letter of explanation, apparently to be sent to the underwrites concerning my work history. Supposedly his confused about my work history. I've always had 2 jobs or more in the past 2 years . One always full-time and the others all PRN/As needed giving I work as a therapist and depends on the nature of my demand! I recently just moved with same line of work and I'm new to doing W2 and 1099 work since this January 2018 and that seems to be confusing to them why I moved Regardless, my tax returns in the last two years show income higher than 80K . Debt to ratio is okay and already have 3 renters in apartments and occupied . The question I have is, how common is a letter of explanation with loan process ? And does that mean there's a higher chance of the loan taking a lot longer to be processed ? Is there any advise you'd recommend I emphasize with the letter of explanation? Thanks for your time and anyone reading this !! Cheers We're on a deadline fast approaching with the contract expiring !

[Russell Brazil]

Letters of explanation are very common for a myriad of issues.

Do not give it much too much thought. Short, clear and direct to the point. It doesnt need to be more than a few sentences.