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EMPLOYMENT Reference Articles:

What is a 1003 Mortgage Application?
A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.

http://www.brokeroutpost.com/reference/90317.htm (Updated: 01/10/2008)
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Employment History
Most lenders will require that all loan applicants have an employment history which is no less than 2 years to show that you have a sustainable source of income.

http://www.brokeroutpost.com/reference/65145.htm (Updated: 12/02/2007)

Credit FAQ
Credit FAQ When I checked my credit scores online I had higher scores, what happened? There are different scoring models, for instance: consumer, auto, mortgage. I heard pulling your own credit

http://www.brokeroutpost.com/reference/12514.htm (Updated: 10/08/2007)

"A" credit loan
A mortgage for a very stable borrower with excellent employment and credit history. These are sometimes called "vanilla loans" because the meet general mortgage guidelines and are easy to complete.

http://www.brokeroutpost.com/reference/18347.htm (Updated: 10/08/2007)

Downpayment - How Much is Needed?
When buying a home you may be required to make a down payment depending on numerous factors, such as your credit score, your debt to income ratio, your employment information, the amount of money you

http://www.brokeroutpost.com/reference/151980.htm (Updated: 08/31/2007)
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How much money can I borrow?
Your borrowing capacity, often referred to as the amount you borrow, will differ from lender to lender. To get an indication of how much you can borrow, you should arrange an appointment with your loc

http://www.brokeroutpost.com/reference/146781.htm (Updated: 08/03/2007)
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What information is required to get preapproved?
If you are applying for a mortgage, have following information ready to give to your mortgage professional: - Employment information: Company name, job title, length at job, gross monthly income. I

http://www.brokeroutpost.com/reference/147446.htm (Updated: 08/01/2007)
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BANKRUPTCY is bad. FORECLOSURE is worse. Although it is preferable to avoid bankruptcy, it is even better to avoid foreclosure. Foreclosure is the legal process whereby property is repossessed and so

http://www.brokeroutpost.com/reference/102251.htm (Updated: 07/20/2007)

Are you Self Employed?
If you own 25% or more of any business you are then considered to be Self-Employed. And as you know being self-employed allows you to reduce your taxable income by writing off many of your operatin

http://www.brokeroutpost.com/reference/134340.htm (Updated: 07/09/2007)
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Documenting Assets
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this st

http://www.brokeroutpost.com/reference/23264.htm (Updated: 07/04/2007)

What Is A Verification Of Employment?
When you are applying for a mortgage, the lender will want to verify that you are employed where you say you are, for as long as you stated, and that you make what you claim.

http://www.brokeroutpost.com/reference/57099.htm (Updated: 05/30/2007)
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Income Documentation
NINA, also referred to as No Income No Asset, loans are mortgage loans in which No income and No assets are listed on your resdiential home loan application, also called a 1003. There will generally b

http://www.brokeroutpost.com/reference/24127.htm (Updated: 05/28/2007)
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Reduced Documention Loans
There are many programs available that are for people who may not qualify for the standard full documentation required by many different lenders. Some of reduced documentation loans compensate for the

http://www.brokeroutpost.com/reference/23618.htm (Updated: 05/26/2007)
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What is Alternative Documentation
Alternative Documentation is xpedited and simpler documentation requirements designed to speed up the loan approval process. Instead of verifying employment with the applicant's employer and bank dep

http://www.brokeroutpost.com/reference/17636.htm (Updated: 05/23/2007)

No Doc Loans
A No-Doc loan allows the borrower to apply for a loan and not have to state their income, employment, assets or even submit bank statements. This type of loan is often time appealing to Self-employed,

http://www.brokeroutpost.com/reference/14417.htm (Updated: 05/16/2007)

Selling one home and purchasing another home
Selling your primary residence and purchasing a new primary residence can be a stressful experience. Many people find the need for a larger home as their family grows or a new employment opportunity

http://www.brokeroutpost.com/reference/99291.htm (Updated: 03/03/2007)
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Self Employment and Required Documents
There are different types of self employment and different documents that are often required by lenders, for example: Sole Proprietor - Schedule C Personal Tax Return Partnership - Federal 1065

http://www.brokeroutpost.com/reference/62849.htm (Updated: 10/12/2006)
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How low on the Credit Score do Lenders go 80/20?
Full Documentation = 2 Years Employment as W2 Employee or 12 months Bank Statements show suffient deposits if your 1099. Lenders will traditionally go to a FICO score of 580. Exceptions are to 560 but

http://www.brokeroutpost.com/reference/24511.htm (Updated: 10/09/2006)
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Documents needed for your Loan
The following is a list of typical items needed for your mortgage application. These items are are needed depending upon type what type of mortgage you're interested in and your ability to provide the

http://www.brokeroutpost.com/reference/43091.htm (Updated: 09/06/2006)
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When to talk to a Mortgage Professional?
When you pre-qualify, your mortgage professional helps you determine how much of a monthly mortgage payment you can afford, and how much can be loaned to you. They do this by considering your income a

http://www.brokeroutpost.com/reference/42786.htm (Updated: 09/04/2006)

Qualifying For a Loan
<font face="Arial">Two Key Factors in Qualifying for a Home Loan When a lender makes a decision about a mortgage application, they consider two basic factors: 1) your ability and 2) your will

http://www.brokeroutpost.com/reference/18239.htm (Updated: 09/03/2006)

Low Documentation Mortgage
Low Doc loans are loans that require less income documentations. There are basically three types of Low-Doc mortgages, Stated Income loans, bank statements as incomes, and No Ratio loans. Stated In

http://www.brokeroutpost.com/reference/30777.htm (Updated: 08/09/2006)

No Doc Mortgage
A No Doc Mortgage requires no employment, income, or assets to be stated on your loan application.

http://www.brokeroutpost.com/reference/39940.htm (Updated: 06/16/2006)
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Home Loans for No Income No Job
New programs have hit the market recently that allow someone to buy a home without having to verify employment or income.

http://www.brokeroutpost.com/reference/34042.htm (Updated: 05/02/2006)
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Self employed loans
You can get a mortgage loan if you are self employed. The ideal length of self-employment is two years. However, there are loan programs that you can qualify for if you have been running your own bu

http://www.brokeroutpost.com/reference/31283.htm (Updated: 04/20/2006)

Can I Get Approved With a Short Employment History
Most lenders will want to see an employment history covering 2 years in order to show sustainable income. There are exceptions to this; Recent college graduates who apply for home financing after the

http://www.brokeroutpost.com/reference/24249.htm (Updated: 03/13/2006)
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Be Honest During The Application
When applying for a mortgage the most important thing you can do is to be upfront and honest during the application. Lenders will always find out if you have any outstanding collections, lapses in em

http://www.brokeroutpost.com/reference/26288.htm (Updated: 03/09/2006)

Uncoventional Income
Income sources for home loans and mortgages do not always have to come from salaried or self employment. There are various ways to earn income including: Part-time Second job Seasonal emp

http://www.brokeroutpost.com/reference/25179.htm (Updated: 03/05/2006)
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Is a Mortgage Broker right for me?
In the old days, in order to get a mortgage most banks required a large down payment, squeaky clean credit, and tedious employment and asset verifications. Now days, mortgage brokers can access progr

http://www.brokeroutpost.com/reference/25321.htm (Updated: 03/02/2006)

Speed Up The Mortgage Process
Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information. Be sure to r

http://www.brokeroutpost.com/reference/25141.htm (Updated: 03/01/2006)

What Information is Needed for a Mortgage?
Different lenders have different mortgage application requirements. The following information is generally required: Social Security Number Employment History (for 2 years) Paystubs and W-2 Ch

http://www.brokeroutpost.com/reference/18233.htm (Updated: 02/25/2006)

The Lending Process
The Lending process starts with interest from the borrower in either buying a home or refinancing. When thinking about buying a home many people start to look for houses first. The first step should

http://www.brokeroutpost.com/reference/13642.htm (Updated: 02/19/2006)

Reasons Loan Applications Are Rejected
Not realizing you are self-employed. First-time buyers who are self-employed (which can include working at home, being paid by commission only, or owning 25 percent or more of a business) often need t

http://www.brokeroutpost.com/reference/15575.htm (Updated: 02/19/2006)


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