When SF Gate reported that the former Federal Reserve Chairman Ben Bernanke‘s request for a mortgage was turned down, it showed the conditions of today’s loan underwriting.
But the point of the matter is relatively simple. He applied for a mortgage with the WRONG BANK.
His issues probably arose from no longer having W-2’s and becoming 1099 self-employed. The underwriting rule is that a 2 years average of 1099 income is needed. Until then, forget about a new mortgage or find another W-2 job.
Each bank has their niches and it is our job to find the right tailored solutions. One thing is for sure–with us, he would receive an answer about his qualification right away.
Above is the information we received from one of our bankers.
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Date: Thursday: October 9, 2014 RSVP on Facebook OR email Ausra@Pacbay.net |
