Getting approved for a loan

11 Replies

Hello all , currently working part time. Having difficulties qualifying for a loan. Besides hard money and private money.

Any advice on how to get qualified? Please please

It’s greatly appreciated!

Best , Besnik

@Besnik Kadriu network with local investors in your area and see which local community banks they use. They’ll be able to share experience on what the requirements are or maybe help facilitate a good contact for you. They all are a little different just spend a lot of time looking at what’s out there

@David M.

For sure , I do , so far no bank has been willing to give m a loan due to working part time. I have everything they need , it’s just a matter of not having enough income to show to a bank to obtain a loan. That’s why I reached out to see if I need to do anything different or go about it? Thanks David

Besnik,

Fannie/Freddie require (2) years of part time work to use for income.  You can also use 24 months bank statements and skip the income and tax returns all together.  When you go portfolio and use "Stated" programs like bank statement you would need to put 30% down on a purchase.  Would that work and have you been employed for (2) years part time?

@Jason Wray

Hey Jason , so put 30% down and avoid all taxes and income. I get it. That depends on how much is the property I'm buying. So on a 300k property I would need 90k down plus closing costs. So close to 100k.

I guess that’s an avenue to look at. Thank you for reaching out.

@Jason Wray

Here the second part of the question. I have been employed for the last 2 years part time and full time. Currently working my full time job on part basis with reduced hours. And my part time job I haven’t worked at all since January of this year.

Besnik,

You should qualify right now as is but you may have had a lender say otherwise due to their "Overlays".  Based on your last response you would qualify so long as the income is sufficient.  Smaller lenders and banks have "Overlays" and broker a lot of their loans so they are stuck with the tight guide lines.  Let me know if you have any specific questions...

@Jason Wray

So far I haven’t been able to , I already own a place and they’re telling me I don’t have enough to support a new loan. I’m making half of what I would usually make working full time.

I won’t give up and I’m trying hard to get pre approved. 2020 here we go!