Have an underwriting question... (lender, contract, salary, need)

[meh_whatever]

I'd rather PM it. Any of you mortgage brokers with a healthy amount of experience in underwriting with gap in W2 employment, but all employment in the same field?

[Modification Specialist]

Originally Posted by meh_whatever

I'd rather PM it. Any of you mortgage brokers with a healthy amount of experience in underwriting with gap in W2 employment, but all employment in the same field?

My $00.0002 cents

Working in the same field should not be a problem. It depends on the amount time - how long of a gap between employment.

[ShanetheMortgageMan]

Yup - depends on how long the gap is and how long have you been back on the job... and the reason for the job gap.

[meh_whatever]

A year and a half back on W2. Two years of starting a company, not drawing a salary from it (was technically W2 as CEO, but not any income...S Corp). Prior to that 2-year window, have 9 years of experience in current field. Prior positions were W2, with the exception of some consulting/contract work here and there.

Your thoughts?

[ShanetheMortgageMan]

So you have been W-2'd by a company you have no ownership in now for 1.5 years? And prior to that you had a company (corporation or something), and prior to that had 9 years of experience in the same field all being W-2'd? Then it sounds like the W-2'd income you have now, or some variation of it, will be able to qualify. Are you paid salary now? If so, then your current salary will likely be the qualifying income figure.

[meh_whatever]

Originally Posted by ShanetheMortgageMan

So you have been W-2'd by a company you have no ownership in now for 1.5 years? And prior to that you had a company (corporation or something), and prior to that had 9 years of experience in the same field all being W-2'd? Then it sounds like the W-2'd income you have now, or some variation of it, will be able to qualify. Are you paid salary now? If so, then your current salary will likely be the qualifying income figure.

Yes. Salaried.

And you understand the situation perfectly. I wasn't sure if I was explaining it properly.

I was concerned about needing tax filings for 2 years, as I wouldn't have anything in the way of income on my 2009 filing, just my 2010 and the ones from 2007 back.

[ShanetheMortgageMan]

Worst case is the lender would just need to confirm "no return filed" for 2009, and would want evidence of your employment for 2 years prior to when you began your corporation (W-2's and perhaps even contacting those employers directly to get the dates you were employed).

[meh_whatever]

Originally Posted by ShanetheMortgageMan

Worst case is the lender would just need to confirm "no return filed" for 2009, and would want evidence of your employment for 2 years prior to when you began your corporation (W-2's and perhaps even contacting those employers directly to get the dates you were employed).

Sounds good! Thanks so much for the info.

[ShanetheMortgageMan]

Welcome!