pilot mortgages
 

So finally trying to buy a house, after musing around with different lenders that could not figure that I'm a pilot and don't work 40hrs a week like a normal mcdonalds employees I was able to get a pre-approval and had earnest money paid on a new construction. Now after all that I get a call back saying they denied me in underwriting because I "work" 32.5hrs every 2 weeks. They do not understand what guarantee and add pay is even when I sent them a lamens term and full time employee verification.

Anyone else have this problem when buying their house? If you did how did you push through it, as it seems the people the builder chose with their loan processing at the bank are idiots versus the original ones I had.

I had this exact same problem a few years ago. It took a long phone call explaining what it is to be a pilot. I was working through USAA, so they really took the time to try to help and understand. But even with the good customer service it was a huge pain and took a few days to work out.

Try to get someone from payroll or HR to send something in writing explaining that the hours are equivalent to full-time employment at your company.
Had a problem last year with the pay stub since ours is difficult to decipher. Contacted HR and they sent something which was satisfactory.
Our mortgage broker used Provident Funding and they were very hard to deal with. I would not use them if possible.

Thanks, yeah I finally went with Wells Fargo but now they're the ones giving me hell about it. I'll see what HR has for them.

Oh Lord, not WF, you've got quite an experience ahead of you...

Do yourself a favor. Contact Dave Devine at National Bank of Kansas City. Not only will you get the lowest rate on the planet, but they will push through any hiccups along the way. NBOKC has a long history of working with military and pilots in general and should be able to help you out.

pilot mortgages
 

I had the same problem several months back when I purchased my home. I used my acceptance letter from United that had my pay rate and the fact that we work under the UPA. I highlighted the section of pay and where and when the pay raises would be. I then had to send several pay stubs to show them how this all correlated. It took a few days but then went through with no problem. Good luck!

pilot mortgages
 

-1 for Wells Fargo, your concentric circle of hell is just starting to spin. If you haven't signed - run!

pilot mortgages
 

PS. Why get wrapped up on hours worked? Show them hourly rate and monthly guarantee, done!

I have a mortgage with NB of Kansas City and am in the process of getting another. Use them. They will beat every rate you will find elsewhere and probably give you cash at closing.

Because to a banker that would not make sense!!!! its too easy so they must make it hard.

Had the same problem when I was buying my house. The mortgage processor was giving me a hard time.

It took time to explain them. I also had to send the whole CBA. Go to a lender first, then they will sell your mortgage to someone else.

Good luck! It's a pain in the butt.

I had this problem as well. I sent a copy of my previous W-2, 4 recent pay stubs, and a copy of the CBA (I pointed out the relevant sections to define how we get paid, and focused on the minimum so they couldn't accuse me of inflating my earnings; I also pointed out that our life insurance policy was based on 960 hours of pay per year).

This solved the problem. IOW, drown them in information!

they should be asking for previous year's tax returns and W2's, hourly and weekly shouldn't even factor into it.
Find another lender, the good ones will see the sense in figuring out if your income qualifies or not.
Combined income that is, if you have a partner that is applying for a loan along with you.
Good luck.

I've always wondered this also. I've done three mortgages now, from three different lenders. All they wanted to see was a pay stub, and simply wanted to know how I was paid. IE; was it weekly, bi-weekly, twice a month, or whatever. Then that was simply used to determine my yearly income.

But hourly rate/hours paid on the stub NEVER had a bearing.

Yeah WF was just being retarded. Since the check at the end and beginning of the month is half guarantee they looked at it like "32.5hrs in 2 weeks is not full time" sent them a copy of my cba. Letter from HR and payroll.they also wanted to verify I was full time at my previous airline which had the same guarantee scale, even though I haven't been on their payroll in a long time.

Awaiting now the next disaster from these people. Will have to try that NB of kci as an ace in the hole.

pilot mortgages
 

I did not have a good experience with usaa. they asked for all kinds of documentation that didn't have anything to do with credit, capacity or collateral. they wanted everything from jumpseat agreements and sections of jcba that stated my hotels at work were paid for. they also wanted an explanation of why I wanted to buy a house in one state when I was based in nyc. horrible experience. I'll never use them again for a mortgage.

Sadly they cannot even come close to the most competitive rates either. USAA is not good for much more than checking and sometimes insurance.

84--unsure what income & employment documentation you have provided your lender, but loan processor and underwriter will need to receive a minimum of the following to completely review your
pilot income:

W-2's: 2012 & 2013

Paystubs: most recent and prior 2 months, including 2014 YTD info

VOE: verification of employment from employer--loan processor orders

example of VOE:
https://www.fanniemae.com/content/guide_form/1005.pdf

there are numerous other factors involved in determining pilot loan "qualifying" income....not difficult to compute, but does require specific income items to review and an experienced loan processor & underwriter to understand and determine your income.

also, there are many other factors involved when reviewing a mortgage loan file

PM me with any questions/comments or if I can assist....no charge!

This is not well-known, but USAA does not run USAA Mortgage Services. They have sold the right to use their name to another company. When you call USAA for mortgage related questions, they transfer you to this company. You are not speaking with their customer service team, but with the mortgage company's customer service team. Same goes for trying to get info off the web. You can see basic mortgage info on USAA.com, but if you want details of your mortgage, it transfers you to another site. This is why USAA mortgage rates will never beat many other competitors. The markup is USAA taking a percentage for the referral.

I'll say it again. National Bank of Kansas City is the way to go. I've done three mortgages with Dave Devine. One original, two refis. Properties in two separate states (nowhere near KC). Two were VA loans, one was a traditional loan. I have yet to find anyone say they have found a lower rate than what you'll get at NBOKC.

I've had 2 VA loans with them under 3.5% both with points to me not the other way around (They paid me, not me paying them).

Are part time employees not allowed to own homes? I have used Bank of America for 3 mortgages. They wanted W-2 to prove yearly income and a current pay stub to prove I had a job.

Can you PM me this guy's number? I am about to refi one of my houses.

PM Sent



filler

Airline peeps! Need a mortgage in NC or SC?
 

Hello! My wife works for a local mortgage company headquartered in CLT. She specializes in airline relocation as she is the wife of a pilot so she understands the unique differences of this job. She is licensed for NC and SC. She will get you pre-approved or can handle a refinance. She can also place you witha local realtor if you need a good one. Please visit her personal website; www.mebprice.com

Thanks!

I realize this thread is old but we just tried to be approved through National Bank of Kansas City this past couple weeks and they gave us a thumbs-down based on not understanding the airline industry. Just my two cents.

Did you try Dave Divine at NBKC? I used him for a purchase and refi, based on recommendations from this site. He rocks. He does know the industry and was easy to work with.

Are you an RJ FO as your position indicates? That could definitely be a problem. You have to meet the income/debt ratios. Not sure what price range you're looking at though.

Go to zillow.com and click on mortgages for the best and most transparent rates among several different lenders in your area.

If you plug in your info correctly, the rates listed will be close to or exactly what the lender will lock you into if you choose to get an official quote with a particular lender.

Zillow has a good lender code of ethics system in place and inaccurate or shady info provided by lenders will get them the boot off the zillow marketplace.

Pay rates and monthly hourly guarantee shouldn't matter. Two months of pay stubs indicating what you earn each month should be the only important requirement along with credit score and debit/credit ratios.

I closed in February with NBKC and had absolutely zero issues with them understanding my pay. Nothing but praises for that bank. Lowest rate around and closing costs were the lowest as well. FYI I used Biff Bryan.

Yes, I'm a RJ FO looking to buy a modest home. The issue was my pay is structured in an unusual way and NBKC disallowed almost 50% of the income so we were dead in the water with so little to work with in the first place. With respect to those who have had success with the bank, I maintain they did not properly understand my situation. FWIW.

Trident Home Loans in FL is owned by two pilots (Delta and SWA). I've done two loans with them and they saved me 13k through lender credits. The last one was a free refi which I didn't have to come out of pocket for anything. The guys that own it are awesome and the girls who work there are super helpful. I wouldn't do a loan with anyone else unless I ended up in a state that they aren't licensed in. On top of the great deals, they get pilot and reserve/guard pay. I'd be happy to link anyone up with the owners. Just PM me.

I just talked to the owner/delta pilot. With all the EU stuff hitting the market, he is doing no cost VA 30yr fixed refi's at 3.25% and 15yrs at 3.00%. He can do conventional no cost refi's too but they are a little higher. My last one was a free refi to switch from a VA to a conventional. I paid nothing and didn't have to roll any costs into the loan either.

I went through US Bank last summer and it was surprisingly easy. They even allowed me to get the loan based on second year Airbus pay when I was on first year E-190 pay. They wanted sections of the contract and a letter from the chief pilot's office confirming my pay rate and guaranteed hours. US Bank actually had pretty good rates.

Going from this, will they not accept first year pay for a mortgage?

www.tridenthomeloans.com has no issue qualifying pilots on first year and reserve pay. It's an airline pilot/veteran owned mortgage company that bends over backwards to help pilots and vets. You can email the owner at [email protected] and I guarantee he'll do his best to help you if he is licensed in your state. My wife works for him and I've seen him do it a bunch of times...just ask most of delta's pilots. He's a solid guy! Good luck!

They were fine with the recent job change. I needed the pay increase of second year pay to qualify for the house we were wanting to buy.
They said as long as it's within the same industry, switching jobs doesn't really matter.

Previous job pre-qualified loan?
 

My wife and I were talking about this yesterday. We will be moving to DFW area for Envoy, but I will be AD Navy on terminal leave when we get down there.

Would it be better to pre-qualify based on my current income (~$90K/yr) or roll the dice on someone approving first year pay at the regional? FWIW we are looking in the 130-150K range for houses north of Ft. Worth, which seems very doable on 1st-2nd year pay.

Prequal now and close on the house before terminal leave ends will be the easiest bet... Your income stability will help you. Waiting the 6-12 weeks for pension pay to kick in and a lack of longevity in the new job will make things much more difficult.

That's what I'm thinking, thanks for the input. Also, no pension :/ ...

Thanks to this thread I discovered Trident Home Loans

Its run by a Delta and Southwest (but I won't hold that against them :D)


The girls in the office that I spoke to on the phone took a lot of the pain and frustration out of the process
while I was buying a house in Texas--I thought they were very helpful and understood the airline pilot pay structure and issues most lenders cannot seem to grasp! Buying a home is about as fun as going to the Dentist but at least it's a fellow pilot and they try to provide above and beyond service which exceeded my expectations.

I highly recommend them!