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No work during COVID and having a hard time getting a loan

What are our options? We have been applying for a mortgage but to no avail. We worked in the restaurant industry during the pandemic and we didn't have work from March 2020 to Jan 2021. This scenario has dragged down our average income. We can afford a 20% down payment and we have zero debts. Are there lenders willing to work given our situation? by michelle313 from Inglewood, California. Aug 9th 2022 Reply


Dave Skow (daveskow)
#16 ranked lender in Washington - 332 contributions

1) Do you possibly have a relative you can ask to be a co borrower ? if so - they would need to have strong income and credit and little debt 2) if not- you will liekly need to wait for several months - file the 2021 tax returns asap and then try to get pre approved using the 2021 returns 3) if you are still in rest. business - make sure all your income is documented and included in your tax returns

Aug 10th 2022
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,729 contributions

If you are now working variable hours, or tipped income, it can be an issue if you haven't been working very long. We will want to see a pattern and history in order to be able to average your CURRENT income. If you are working hourly or salary full time 40-hours a week, this is no problem whatsoever... I provide home loans in MN, WI, IA, ND, and SD. Reach me at JoeMetzler.com - NMLS 274132. Cambria Mortgage.

Aug 16th 2022
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