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I need to write a letter to the bank where I am applying for a loan explaining why i had multiples W2s on the year 2016 can anybody help me with ideas? it was obvious that 2016 wasn't a good year for me.
I need to write a letter to the bank where I am applying for a loan explaining why i had multiples W2s on the year 2016 can anybody help me with ideas? it was obvious that 2016 wasn't a good year for me.
So during 2016 you happened to have multiple jobs? What's wrong with that if your income was steady and paid the bills? List the jobs, their duration, and the income for each. However, if you couldn't keep any of those jobs very long that's a more important question. Are you steadily employed now? Is your income adequate to repay the loan you want?
Do a search on CD. There's a thread that covers all sorts of LOX (letters of explanations.
You could say you took short term paying positions while trying to figure out what you wanted to do. "At all times i had sufficient funds to meet my monthly obligations. When I landed at XYZ Corp, I knew this is where I wanted to be."
I need to write a letter to the bank where I am applying for a loan explaining why i had multiples W2s on the year 2016 can anybody help me with ideas? it was obvious that 2016 wasn't a good year for me.
Hi,
As others have mentioned, LOE's don't need to be long, just straight and to the point. We have done many loans where a Borrower has had multiple jobs in the last two years and they can easily be explained with a short explanation. Everyone's responses to you so far all make great points. Just tell the truth and clearly communicate why you had multiple jobs. You could have had multiple jobs because you were determined to find the right job and weren't willing to settle for a 2nd rate position when you knew there was something better out there for you if you don't settle. Something like that is highly respectable and probably is really the reason why you had multiple jobs. It's all about how you paint the picture to underwriting. I would be willing to guarantee that a LOE like that would work for underwriting.
Let me know if you have any questions and best of luck to you.
Steve Z
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It's all about how you paint the picture to underwriting. I would be willing to guarantee that a LOE like that would work for underwriting.
