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sahm1225 06:37 AM 11-06-2010
I used to work in the mortgage industry and i know how hard it is to get someone to qualify and be within guidelines (and believe me it was frustrating when you had the perfect loan for the client and you couldnt do it because of a small technicality!).

Here is what I think you should do:

- ask a few more questions from your mortgage guy (what I am thinking he is advising you to do is get a regular W2 job. Once you are considered self employed (i.e. pay taxes at the end of the year instead of with every paycheck), the guidelines are TOTALLY different.

When I did mortgages, we could use part time income if the client had worked at the W2 job for at least 6 months. When it was considered self employed income or 1099, we had to have 2 FULL tax returns claiming the income before we could use the income.

- I would also ask the rep how much you need to make to qualify. If it's a small amount, you might be able get a part time administrative job where you work a few days a month and keep your nanny/daycare job.

- Another option would be doing the financing under just your hubbys name. You would still be on the title of the home (meaning you still own it), but the financing would be just under his name. The way that helps is by removing your name from the application, they also remove any of your monthly obligations/payments

- I would also ask the rep what else is there that you need to do to qualify. You dont want to get the part time job and 6 months later he tells you that there is something on your credit that doesnt qualifly or something silly (a judgement, any medical collections, etc.)

- Then finally - I would shop another lender. Most lenders dont charge to do an initial application for a purchase. Depending how badly you want this loan, you can also go to a broker. Overall it will cost you more in fees, but the broker will shop around with lenders that they know can do the loan. I would just recommend that before you go with a broker, educate yourself (know what your credit scores are, what the going rates are, etc.) Brokers are licensed and more heavily regulated now than they were before but because of some the 'bad apples' that were out there, we are all now dealing with the real estate foreclosures and issues. (sorry not a fan of BAD brokers!)


good luck and PM me if you have more specific questions... that was my life before daycare
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