Originally Posted by
HTBH
I know this has been answered on here before...but does anybody have any expertise on how to justify an airline pilot salary to a bank's loan department?
I'm trying to get a 6 month construction loan to finish a place, then that would be taken over by a conventional mortgage of some type once an occupancy permit is issued.
Lady at bank tells me my salary doesn't justify the loan. This isn't a million dollar home...couple hundred grand. I'm a new hire, only been here 6 months after retiring from the military so naturally, the pay has been low. I tried to explain the hours and pay scale thing to them and they said that is all "projected earnings" and that my salary since retirement doesn't warrant a loan.
Anybody got any expertise or experience on how to work this thing? I was polite about it, but basically asked her..."if a guy who has retired from the military, with a monthly retirement check, no debt, and a job as a pilot at Delta airlines can't get a loan for a couple hundred grand... who is getting them then?"
Went through this 2 years ago, same scenario. Went with a local small town bank with many military retirees in the area. Did jump through hoops a bit and showed them pay scales in the contract.
Also showed them TSP assets which more than covered the loan. You might just have to shop around for a small town bank.
Or find one that deals often with your builder or local builders. Not all banks do construction loans, so one that has relationships with builders may be best bet.