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I'm a registered nurse. I graduated in 2014 and have been employed full-time ever since.
In March of this year, I switched jobs to be a "travel" nurse at a local hospital. My area is SO desperate for nurses, they are hiring travelers to take the patient load and I decided to cash in on this -- my pay rate literally doubled from my first full-time job. The only thing is, I'm only technically guaranteed work for 13 week contracts at a time. However, I have coworkers who are travelers and who have been there for over 3 years, so my employment is incredibly reliable (or we wouldn't be purchasing a home).
My husband and I are under contract with a home. We are getting a conventional mortgage. We are putting down 5% but we have 10% to put down if need be. Our credit is in the high 700s and our DTI is 39% (with our new mortgage payment included).
My loan is going to the underwriter tomorrow and I'm terrified he will bulk at my "full-time contracted employee" title. My loan originator already got a verification of employment, and made it seem like they didn't need anything further. He said we are "golden" and doesn't foresee any red flags at all from the underwriter. I'm just having such anxiety that the underwriter won't like the "contracted" part of my title and deny our loan.
Do you think this is a big deal since they already have completed the VOE? What are our odds of getting denied? We are supposed to close next week and have invested a lot of nonrefundable money into this, so I'm just terrified something bad will happen.
This is a situation that can really depend on your underwriter. They could consider it a new field and not use it because it hasn't been there for a 2 years, but also the underwriter could view it as a move within the same field and have it be fine. Having your pay jump is a point in your favor because it could be viewed as a vertical move in your field.
I would just trust your Loan Originator. If they feel that your situation is safe with your VOE then it most likely is. I wouldn't feel anxious though. Trust the process and make sure to keep in contact with your Loan Officer.
If the job situation is documented properly plus an excellant explanation from you as to why you started doing travel nurse work, you should be ok. Being in the mortgage industry for 30 years, I have seen this type of contract and sometimes the underwriter might want a letter from the employer as to probability of continued employment, other than that you should b e good
This is a situation that can really depend on your underwriter. They could consider it a new field and not use it because it hasn't been there for a 2 years, but also the underwriter could view it as a move within the same field and have it be fine. Having your pay jump is a point in your favor because it could be viewed as a vertical move in your field.
I would just trust your Loan Originator. If they feel that your situation is safe with your VOE then it most likely is. I wouldn't feel anxious though. Trust the process and make sure to keep in contact with your Loan Officer.
Not sure how it could be considered a new field because I was in nursing school for 3 years, then was an RN for 1.5 years, now I'm still an RN at my new job. My title has just changed from "full-time regular employee" to "full-time contracted employee".
But thanks everyone for your perspective! I am just extremely anxious as it is and buying a house is not for the weak LOL
I am just extremely anxious as it is and buying a house is not for the weak LOL
No, ma'am, it certainly IS NOT for the weak. And even when you get through the underwriting process, there will be something else keeping you up at nights.
Will the inspection be OK?
Will the appraisal be at or above sale price?
Will there be any last minute bomb shells immediately before closing?
Should I do curtains or blinds or both?
I am buying new construction but my house won't be finished before I have to vacate my current home. I called my mortgage loan processor again today to make sure they have everything they need because I don't want to be homeless. LOL I encourage you to do the same and don't worry about bugging them. The more informed you are the better you will feel. Keep on top of them as opposed to them keeping on top of you. After I spoke to my guy this afternoon and finding out he only needed standard documents (most current pay stubs, bank statements) I knew that I'd be sleeping better tonight.
Tomorrow night will be a different story.
Congrats on the home and fingers crossed your contractor status won't raise any eyebrows! Keep us posted!
Awesome congrats! I'm in the same boat as you. Similar financial background/ title but dif industry. Hope I get approval as well from the bank lol
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