Whenever an employee is identified as contract labor, it seems to cause problems with obtaining a mortgage in Sacramento. Underwriters often struggle with how to qualify these people. I have had a couple of canceled escrows in which the mortgage lender officer never even looked at the borrower's payroll stubs. If they had, they would have realized the borrower was contracted through a different employer.
But, sadly, no, they wait until the file is underwriting. After all inspections but loan have been removed. After completion of the appraisal. They let the underwriter discover the problem. Well, I learned about a new setback affecting some contract labor employees that can also cause an escrow to blow up. You can read more about this in my personal blog today at this link: Why a Nonprofit Employee Might Not Get a Mortgage.
Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.