I am a dude ICU float/ contingent/ perdiem nurse in the metro detroit area. I recently decided its time to buy my lake house and get some toys (boat jet skis and such) to play with in the summer.
Does anyone know the terminology or how did you get it across to your mortgage banker person that you dont work full time but still bring home full time pay/ good money. I tried explaining to the woman that I have it worked out that I can work one 16 hour shift at the hospital on emergency/bonus/short staff pay and bring home just shy of 1k for that shift.
I also told her that I like to bring home 50-60k/year for my income (my tax documents I provided her show this)
Over the phone she seemed very confused with what I explained to her so I was hoping that someone who has been through the mortgage process as a non full time RN could fill me in on their experience or terminology that I need to use with the bankers to help them to understand my situation.
We only ever bought a house based on one income. That way, if one person ran into job trouble, we could still easily cover our bills. People who borrow their max approval amounts based on two incomes are really taking a big risk. If someone gets laid off and can't work, they end up losing the house.
Well as an update, It took about two months and one fun smack in the face! I sucked it up and worked 88 hours of bonus/ emergency staffing pay in one week... faxed her my check for over $6,000 for that one weeks work and she was speechless... That with my 20% down payment and she couldn't argue any more.
PS chase took less than 24 hours to get a pre approval.
Good luck all, I hope to be in my lake house by January!
Horseshoe, BSN, RN
5,879 Posts
We only ever bought a house based on one income. That way, if one person ran into job trouble, we could still easily cover our bills. People who borrow their max approval amounts based on two incomes are really taking a big risk. If someone gets laid off and can't work, they end up losing the house.