Verification of Employment question - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 2 - City-Data Forum

cocytus · 06-03-2010, 05:45 PM

Quote:

Originally Posted by JD318

Has anyone ever heard of a Verification of Employment causing your loan to get denied because your employer will not confirm you are able to do overtime?

What type of financial institution would base your getting a loan on your overtime?
Overtime is NOT guaranteed income,so it would be unwise for them to loan you money based on it.

No offense,but if you are counting on OT to make your loan payments, then you can't afford it.

2nsian · 06-04-2010, 06:03 PM

Quote:

Originally Posted by cocytus

No offense,but if you are counting on OT to make your loan payments, then you can't afford it.

Right on...

JD318 · 06-07-2010, 07:55 AM

Yes, that was my original question if you read the whole thread. I am NOT counting OT for the basis of affording the loan. - So why would the bank want to verify that?? And if they cannot verify - would they not approve the loan because I can't verify I do overtime, eventhough the mortgage payment is 28% of my base pay?

TimtheGuy · 06-07-2010, 08:43 AM

Quote:

Originally Posted by cocytus

What type of financial institution would base your getting a loan on your overtime?
Overtime is NOT guaranteed income,so it would be unwise for them to loan you money based on it.

No offense,but if you are counting on OT to make your loan payments, then you can't afford it.

First,the OP qualifys without his OT. Second, basically ALL financial institutions will count OT for qualifying for someone who receives it on a regular basis.

NO income is guaranteed, so under your premise there would be no loans for anyone.