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Credit score questions

Started by mellowridge · · 👁 4 views · 16 replies

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Participants mellowridgeKeith Taylor4Sam Gonzalez67John Thomas2Steven Kelly152Mark Lee65wanderingranger41Andrew Richardson8
mellowridge mellowridge MemberOP
14 messages
joined Dec 2004
#1 ·
Is there any way I can get a mortgage if I don't have a permanent job contract?
Basically, I am technically in a steady role, but it’s all fixed-term. I’ve been at the same company for three years now, and honestly, it’ll probably stay this way for the foreseeable future unless I jump ship. I know people here who have been stuck in the same spot for 8 or 9 years without ever getting a permanent deal—they just swap job titles every few years while their contracts get renewed every six months or so, whenever the boss feels like it.

I could definitely handle the monthly payments, I just want to know if banks will even look at me given my situation:

Average net pay over the last three months is about: $667
I need roughly $11,000 over a 5 to 10-year term.
I could probably get a co-signer, but they’d be facing the same employment hurdles I am.
Fixed-term contract
Keith Taylor4 Keith Taylor4 Active Member
54 messages
joined Aug 2004
#2 ·
In a situation this delicate, you need an answer that is absolutely airtight, so my advice is to just forward this entire document to a few major banks like JPMorgan Chase or Bank of America...
Sam Gonzalez67 Sam Gonzalez67 Member
15 messages
joined Dec 2004
#3 ·
mellowridge said:Is there any way I can actually get approved for a mortgage if I’m not on a permanent full-time contract?
To be more specific, I am technically employed, but it's all fixed-term stuff. I've been at the same company for three years now, and unless I find something else, it’ll probably stay this way for the foreseeable future.

Honestly, you could definitely Zabiti it with Chase... I actually did the exact same thing myself... because when you look at their application process, specifically that initial loan request you fill out, they don't really force you to specify whether your employment is permanent or just contract work. As long as the company provides your average salary info and handles all the necessary signatures and stamps, things tend to move along quite smoothly.
John Thomas2 John Thomas2 Active Member
88 messages
joined Feb 2012
#4 ·
Ananke said:P
average net pay over the last three months: $667

Whoa. 😲 This could be a real issue for you. If you went to Chase for a mortgage up to 35k, your monthly payment on a 10-year term would hit about $125, which is roughly $287 about 43% of your paycheck..
Sam Gonzalez67 Sam Gonzalez67 Member
15 messages
joined Dec 2004
#5 ·
Chase basically wants you to keep $567 of your paycheck just sitting there... almost like some kind of existential baseline... which means you could technically take out a loan where your monthly payment hits $100...
John Thomas2 John Thomas2 Active Member
88 messages
joined Feb 2012
#6 ·
Sam Gonzalez67 said:Chase wants you to keep $567 just to survive... like some kind of bare minimum existence... basically saying you can take out a loan where the monthly payment hits $100...

Yeah, no kidding... that’s brutal. How am I supposed to even function on $0.57 a month? My rent alone in Chicago is $1,500...🙄
Steven Kelly152 Steven Kelly152 Newcomer
7 messages
joined Dec 2004
#7 ·
Sam Gonzalez67 said:Chase is basically demanding that you have $567 left over from your paycheck... like some kind of survival minimum... which means you can only take out a loan if your monthly payment doesn't exceed $100...

Last year they were way more lenient, but now they’re insisting you walk away with about $2,400 in your pocket, and they want the co-signer to have that same cushion too.
Mark Lee65 Mark Lee65 Member
21 messages
joined Jan 2005
#8 ·
Seriously though, how are you even thinking about taking out a loan when you're pulling in $667 a year?
mellowridge mellowridge MemberOP
14 messages
joined Dec 2004
#9 ·
Mark Lee65 said:How are you even supposed to manage a loan on a salary of $667?


My parents really want to help out—so I could actually afford this now that I'm staying with them, plus they aren't asking me to cover rent or utilities or anything.

I mean, I try to chip in a little too.

My base pay is $667, but my monthly take-home is closer to 2500—$1000—and since my boyfriend brings in about that much too, I think we could probably swing it over maybe 5 years.😁

I should be getting a Božičnica from work soon, which is usually way more than my regular paycheck, so if I take out the loan in February, my three-month average should sit around 2540.00😁 (between a good Božičnica and everything else hitting my account).
wanderingranger41 wanderingranger41 Newcomer
9 messages
joined Feb 2013
#10 ·
Look, you can forget about getting that loan with those numbers. I'm actually in the middle of closing on a loan at Wells Fargo right now and know that you need to score 2400 just to clear the debt and walk away with $10,000. You end up paying back $14,000 over 7 years. If you're looking for a mortgage, the requirement jumps to 1,800, but since it's tied to the house, you're looking at $20,000 total. Better check out some other options...👎 👎

sorry about the typos, don't feel like dealing with that right now
wanderingranger41 wanderingranger41 Newcomer
9 messages
joined Feb 2013
#11 ·
And I almost forgot YOU HAVE TO BE ON A PERMANENT CONTRACT. Seriously, I spent five years on temporary contracts even though my job at the bank was guaranteed. Meanwhile, the waitresses at a local diner had more rights than I did and were pulling in twice my salary.
mellowridge mellowridge MemberOP
14 messages
joined Dec 2004
#12 ·
Isn't the whole point that you're supposed to be keeping a third of your paycheck?😕
wanderingranger41 wanderingranger41 Newcomer
9 messages
joined Feb 2013
#13 ·
To score 2400, and likely everywhere else—I can't even remember if it was at Wells Fargo specifically—two-thirds of the principal has to remain while the annuity covers the other third. It doesn't work the way you imagined where you just pocket a third... If your parents are making such a huge deal out of this, why don't they just step up and pay? You should just start paying them back monthly every single month.
Mark Lee65 Mark Lee65 Member
21 messages
joined Jan 2005
#14 ·
hm..
over in San Diego, even retirees can snag a loan from the local credit union.
but have you actually bothered to check with Navy Federal?
Andrew Richardson8 Andrew Richardson8 Member
19 messages
joined Nov 2004
#15 ·
mellowridge said:My parents want to help out, so I could actually afford this now that I'm staying with them, and they aren't asking me to cover rent or utilities.

My salary is $667, but my monthly income is around $2,500 - $1000, and since my boyfriend brings in that much too, I think we could pull this off over maybe 5 years.😁

Look, I don't know all the specifics of your situation, and I have no idea how much you two love each other. But if I had a daughter, here is exactly what I would tell her: Until your boyfriend signs a prenuptial agreement, for heaven's sake, do not get into any financial entanglements with him. Do not buy a condo with him unless you are literally days away from saying "I do." I'm not trying to be malicious, but times are unpredictable and you need to protect your own future—do NOT feel guilty about doing so.

Right. Now tell me, how exactly are you planning to solve the housing issue with $10,000 spread over 5 to 10 years?

Is that a loan for renovations, buying a place, or what?

The Božičnica should be coming through at work soon, and it'll be significantly higher than my base pay, so if I take out a loan in February, my three-month average should hit about $2,540.00😁 (between the solid Božičnica and my regular paycheck).

Before you go buying property, do the math on the actual cost of ownership. It’s not just the mortgage payment; you've got utilities, repairs, maintenance, and all that.

And please, I am begging you, do not drown yourself in debt that isn't ABSOLUTELY essential for survival.
Sam Gonzalez67 Sam Gonzalez67 Member
15 messages
joined Dec 2004
#16 ·
Andrew Richardson8 said:Look, if I had a daughter, this is exactly what I’d tell her: until that guy actually signs a prenuptial agreement, for heaven's sake, don't get tangled up in any big financial ventures with him. Don't go out and buy a house together unless you're literally days away from walking down the aisle. I'm not trying to be cynical here, it's just that times are incredibly uncertain, and you have to look out for your own future, so please, don't let anyone make you feel guilty about being practical.

👍 👍 👍

That's honestly the exact same thing I told myself years ago, and it's the advice I find myself giving all my girlfriends... though I'd say even if they're already married, it's still worth considering...
(it hurts so much... just tear me apart already)
mellowridge mellowridge MemberOP
14 messages
joined Dec 2004
#17 ·
Marriage? Yeah, I'd pass.😁
My parents actually suggested taking out a loan for about $5,000—which they’d just give us as a gift—and then the rest would be on me, but...😕

I mean, how am I supposed to get land anytime soon? How do you even handle loans or find that kind of cash?

Kill me now.🙂

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