Remote Wage-Earner Mortgage Guidelines On Home Loans

This ARTICLE Is About Remote Wage-Earner Mortgage Guidelines On Home Loans

Remote Wage-Earner Mortgage Guidelines On Home Loans allows borrowers who work at home to qualify for mortgages.

  • It is possible for wage-earners to be employed as a remote location employee
  • This holds true even though the nearest brick and mortgage office is hundreds of miles away and/or in a different state
  • Many companies now offer remote job positions
  • For example, just not long ago, all mortgage underwriters and processors worked in a brick and mortar office location of a lender
  • However, as time passed, more and more mortgage processors and underwriters are working from home
  • In the past, the norm used to be to report to the office at a certain time and check out at a certain time. Many held jobs that were located close to their home
  • The location of the employer was key in choosing where to purchase a home
  • However, today, employment opportunities are much different than before
  • More and more employers are offering remote career positions
  • There is less overhead for employers to hire remote employees
  • For employees, the driving time, convenience, and flexibility are some of the benefits of becoming a remote employee
  • A major benefit for remote employees is they are not stuck in one geographic region when buying a home
  • Remote Wage-Earner Mortgage Guidelines On Home Loans allow borrowers to qualify for home loans in any state they like

In this article, we will cover and discuss Remote Wage-Earner Mortgage Guidelines On Home Loans.

Primary Versus Second Home Mortgage Guidelines

There are three different types of government loans:

  • FHA loans
  • VA loans
  • USDA loans

Government loans are for owner-occupant home loans only.

  • Lenders offer very low mortgage rates and little to no down payment on government loans due to the government guarantee
  • Conventional loans do offer primary, second home, and investment loans
  • The main reason why borrowers want owner-occupant mortgages is that the lower down payment requirements and the lower mortgage rates
  • Fannie Mae and Freddie Mac require 3% to 5% down payment on owner-occupant primary homes, 10% on second homes, 15% to 20% down payment on investment homes
  • Due to this, mortgage underwriters need to believe that owner-occupant borrowers need to be a driving distance away from their new home purchase

Per Remote Wage-Earner Mortgage Guidelines On Home Loans, this will be a non-issue with remote employees.

How Mortgage Underwriters Determine Remote Wage-Earner Employee Status

Mortgage underwriters will verify all borrower’s remote employment status when doing verification of employment.

  • You cannot pull a fast one where you work in a physical brick and mortar company and just state that you are a remote employee
  • For example, there are certain jobs that are impossible to be a remote employee
  • For example, police officers and firefighters cannot work from home and need to report to their respective assigned locations

Teachers and professional online instructors can be remote if they are teaching online courses.

Common Remote Jobs

what are the Common Remote Jobs

Below are very popular known remote jobs that mortgage underwriters are familiar with:

  • Remote Mortgage Underwriters and Processors
  • Remote Loan Officers
  • Remote Online Teachers And Professional Instructors
  • Freelance Consultants
  • Editors, Radio Personalities, Professional Writers And Bloggers
  • Financial Consultants And Stockbrokers
  • Marketing And Sales Representatives
  • Professional In The Technology Sectors such as IT, Web Developers, Computer Programmers, Software Developers, Tech Support, Help Desk
  • e-Commerce Professionals

One keynote is that mortgage underwriters will verify that remote employees are actually full-time remote positions and do not require to report to the office weekly.

Remote Wage-Earner Mortgage Guidelines: Buying Home Out Of State

Homebuyers can purchase a home in any state they want if they have remote jobs. There are many states where you can get a lot of home for the money. There are many residents in high-tax states like New York, Illinois, and California fleeing to lower-taxed states such as Florida, Texas, Tennessee, Georgia, Indiana, Mississippi, Ohio.

For more information about the contents of this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 262-716-8151 or text us for a faster response. Or email us at [email protected] The team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays.

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