home buying snacks

Laughed off of the phone: a personal story

back in May of 2015, i left my job at a beauty retail store. about a month later i started working for a cosmetics company directly. i was making more money (something i found i needed to do to be able to afford a house). i gave myself a year from the start of my new job to work on paying off my debts so that i would be in a better position financially to be able to get a home loan (see posts on DTI). 

a year later i paid off a lot of my debt. my credit score was up and my DTI was down and i was feeling great. i decided it was time again to start calling mortgage companies to see what types and amounts of loans i could now qualify for. 

i’d been preapproved by a few companies who did a basic preapproval: asking how much I make a year before taxes, what my monthly debts are. very basic. i caution you: get a preapproval from someone who asks many more questions about your situation than this. 

speak with an actual loan officer and not some generic 1-800 operator who only asks you the basics. 

back to the story. i had only spoken with 1-800 operators for companies and gotten general preapprovals but i wanted to keep shopping around. 

so i got in touch with a loan officer from the bank where i have my checking and savings. everything was going great, chatting away, told him i had been preapproved by others already. and then he asked me about my work history. 

“do you work full time or part time?”

“part time”

“how long have you been at your current job?”

“1 year,” i replied

*bursting into laughter* “oh my god, who approved you?”

“what?”  i asked sheepishly, astonished that he was laughing at me

“you need 2 years of work history at the same job, if you work part time, before you will be considered for a home loan.” He informed me

i couldn’t believe it. here i was, again, back at zero. again being told a home loan was not possible. at least not yet. 

my gut told me, though, that there has to be a loop hole somewhere. afterall, even though i was working part time, i was making more money at my new-ish part time job than i was at my old full time job. (mind you, I’m basically working the same hours as a full timer but i don’t get benefits so i cannot be considered full time)

and, dang it, my gut was right. 

i did research online and spoke with several other loan officers. here’s what i found out:

  • yes, typically if you work part time you do need to have 2 years of work history in that job
  • BUT! in my situation, because i was working in the same industry (industry being beauty retail) that i did not need to have the 2 years work history at current job!

SO! if you work part time but you are working in the same industry you previously worked in, you’re good. no 2 years at current job required. 

A HA! IN YOUR FACE


had that loan officer who got so much joy in laughing at my situation thought to ask me what my current job was, i could have avoided the embarrassment and he could have avoided me filing a complaint with his superior. 

oh man did i feel great again. 

the home search would continue!

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