TRYING TO PROCESS A LOAN WITH LESS THAN 2YRS WORK EXP...HELP.?

Question

basically im VERY new to the whole loan processing thing. but i have the job so i gotta do it.

i have a client who does not have 2yrs work exp b/c he was in college and just graduated this may. however currently this client makes 4000 per month. he has no monthly expenses (lives at hm with parents, no car, no cell phone, etc) so how much can he afford? his credit score is 680 he's going FHA. any help would be appreciated

Answer 1

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Answer 2

I'm confused.How can someone make $4000 a month if he isn't working?Personally I would consider him too risky to lend any money to,but that is up to you.

Answer 3

Well it depends on your company's lending criteria. Can an applicant have income in lieu of job experience or ask him for a downpayment.

I don't know where you work, so I don't know what your lending requirements are. Don't ask these types of question on YA...ask your superior. Don't give or deny a real person a loan based on Yahoo feedback that's unprofessional.

Answer 4

Thats not an ordinary situation. However if you can ratify the veracity of his income, then there should be no problems in obtaining a loan. He makes more than what its needed to qualify... all you need is assurance he can pay, thats what the credit report is checked for, and a steady income. Now common sense says there is something fishy here. How can someone make 4000 a month and not have a car, or even a cell phone...???? Is this someone obtaining such income from a trust fund or inheritance????

You need to evaluate this very close... you dont want to get yourself in trouble...

Answer 5

Your company has its own underwriting standards.  If they require 2 years work experience then YOU cannot use your own judgment.  If your professional opinion is that this person is a good candidate for a loan then you should consult your supervisor and get the proper approval.