# mortage issues



## Adisiwaya (Nov 27, 2013)

Long story short i get paid by % of load, im a truck driver and i have a steady income of round 4k a month soon to be 6k. I have 6 months of steady paycheck right around same pay. They say i cant be considered for a loan or added because they need 2 year of paid by the load. I am an employee i have to work 12 hours a day. There saying it isnt a gaurentee wage. I have a route i take every time to few locations..... So is there any kind of loan i can get to get a house or should i just get a c4d? I have 5k in bank right now. Need some suggestions


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## Salmonfood (Apr 8, 2014)

The rate would be high, but you could look into Lending club.com

Maybe A USDA loan
Or a personal loan from a family member or friend


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## blessingsfarms (May 15, 2014)

If I understand you would be considered a independent business if you own
the rig. After 26 years in business this is first time I can remember that a
true small business ( 1 - 5 employee) are having loan issues. Requirements
in this area are 3 years full financial records, min. 690 credit, and year over
year financial improvement and this is if you know banker. Good luck and I
would try local bank that will work with you. If you are just starting a 
family member may be able to cosign also.


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## Adisiwaya (Nov 27, 2013)

I rather not have family member cosign. I dont own my own rig yet. And they employ 20 some drivers with another 10 owner operation/lease drivers. I wouldnt do the peer to peer lending i think that is a bad thing to do. We were trying through edina reality mortage company. Might try different loan officer because it took 3 days arguing to her that i am not self employed and i dont own my truck im driving.


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## Molly Mckee (Jul 8, 2006)

You might try Churchill Mortgage. According to Dave Ramsey they hand underwrite their mortgages instead of going by scores. They are on the internet- might be worth a call or email.


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## po boy (Jul 12, 2010)

Adisiwaya said:


> I rather not have family member cosign. I dont own my own rig yet. And they employ 20 some drivers with another 10 owner operation/lease drivers. I wouldnt do the peer to peer lending i think that is a bad thing to do. We were trying through edina reality mortage company. Might try different loan officer because it took 3 days arguing to her that i am not self employed and i dont own my truck im driving.


 You are not self employed, but the same underwriting guidelines are used. Sales commission income is underwritten the same way.


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## blessingsfarms (May 15, 2014)

The Dave Ramsey advise could be your best. I highly respect 
his views. You seem to have a sound approach not to involve
family or friends. I Ohio over 15 acere Farm Credit is a option.
You have not explained what, where, and why yet and it is
not me business but our area has a lot of repo. properties or
farm homes not wanted.


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## joshcheney (Feb 2, 2011)

I would second the vote for a local bank, something like a credit union or a savings and loan that keeps some or all of their loans in house (rather than trying to resell them on the secondary market). 

When they are intending to resell the loan on the secondary market, they need to have it conform to the current requirements on that market, which for individuals with irregular incomes are about what blessingsfarms indicated above.

When they keep the loan in house, they only need to meet their own requirements. In some cases, a situation like yours would be taken in front of a lending board, and they would look at it, and essentially ask themselves "What is the risk that this person isn't going to pay the mortgage, and what is our exposure if he doesn't". 

The percentage of the property value that you are putting down is going to make a difference - if you are looking at 5% down, the risk to the bank in the event of a foreclosure is higher than if you are putting 50% down. 

Ultimately, what it comes down to for me is the further away (both geographically and relationally) the decision maker is, the less likely it is that they will be willing to work with you.


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## Pony (Jan 6, 2003)

You can get a "no paper" loan through any decent broker. 

I'd check out the Dave Ramsey resource.


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