Just Approved: Establishing buyer’s employment stability secures first-time home purchase

Establishing buyer’s employment stability secures first-time home purchase

Purchase price: $270,000 condo in Alameda.

While the client was a salaried employee, his ability to qualify was complicated by the fact that current underwriting standards typically require at least a year’s work in order for that employment to be considered stable enough to warrant the extension of home mortgage financing.

The good news and bad news was the buyer was receiving his down payment as a gift from his father.

[...] it detracted because the buyer had not accumulated any of his own funds toward the purchase.

To position this home buyer in a way that his underwriter would be comfortable with the durability of the buyer’s income stream, Holmgren asked the client to explain in great detail every type of job he had held.

Holmgren had the buyer write a detailed letter explaining his work history in the food service industry, tying the skill set required in that field with his counseling work and education where appropriate to present the picture of someone who could be relied upon to remain employed.