theringworm

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Okay, I need some major help. In order to aquire our home loan my spouse has to have a "letter of intent" from a future employer stating that he/she will make a certain amount of money per month. The problem is is that we are running out of time and are having difficulties getting a letter. If push comes to shove and the date for all documents to be is only a couple of days away, what do I do? I can't lose this house and I don't want to lose my deposit. I am seriously considering having someone make one up for me that lives where I am moving to. That way if they do check my friend can confirm it for them. The question is is, will I get caught, do they check it out, if I get caught what's the worse that can happen? If there are other options please let me know. I don't want to do anything illegal. Thanks!!
 

ophtho1122

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If you give them false information on a loan then it is fraud. What I did was get a letter from my fiance's current employer saying that she would be allowed to stay on with them until she found a job elsewhere in the state we are moving. She is able to stay with her parents free of charge if it came down to it. They accepted that explaination.
 

Fermi

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I agree that you shouldn't make up any documents to mislead your lender, as you could get in a lot more trouble than just losing your deposit. Isn't there someone at your wife's future employer (like HR) that could write a really quick letter and fax it over? Or is the problem that she doesn't actually have the job secured yet?
 
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theringworm

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She has a job lined up, the problem is that they haven't given her the final word on wether or not she has the job. Plus, they are moving offices which is making it nearly impossible to get a hold of them. I think this whole thing is kind of stupid. Anyone could say yea I am going to hire you for this amount of money, write your letter for you, the home buyer gets the loan and then before you ever start working for them they could decide not to hire you. The letter really has no substance given to it. We will be needing the loan way before my wife starts work (we are talking months here), so even if a solid employer was serious about hiring her, they could still end up deciding not to. I don't want to do anything that's not right. It just seems like this is something that doesn't amount to anything. What if she was self employed then what would they want? It's all bunk.
 

edmadison

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Don't do this. I repeat don't do this. As optho said this is fraud. Not just civil fraud, but full blown "call the FBI" felony bank fraud. Find a way around this -- perhaps a cosigner.

Ed
 

theringworm

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ophtho1122 said:
If you give them false information on a loan then it is fraud. What I did was get a letter from my fiance's current employer saying that she would be allowed to stay on with them until she found a job elsewhere in the state we are moving. She is able to stay with her parents free of charge if it came down to it. They accepted that explaination.
Alright, yall have done an excellent job of scaring the crap out of me. No need to be wanted by the feds. I am going to take optho1122's advice and go that route. The lenders are assuming that she is going to move with me. Of course if she doesn't have a job then she won't and would just end up working at her current employer. Plus we are actually moving in with my parents for a couple of months. They have already told us we can stay for free. Wish me luck.
 

beriberi

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I think the letter from the current employer saying she will work at $ xxx as long as she wants is great and should do the trick just fine.

The other option is to get a NINA loan--No income, no assets. They have a higher interest rate (around 7.8 now), and you usually have to put 5-10% down, but you just tell them what you make. (That is, you don't prove income or assets). You must have a good credit score to secure a NINA loan.
 

Mutterkuchen

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beriberi said:
I think the letter from the current employer saying she will work at $ xxx as long as she wants is great and should do the trick just fine.

The other option is to get a NINA loan--No income, no assets. They have a higher interest rate (around 7.8 now), and you usually have to put 5-10% down, but you just tell them what you make. (That is, you don't prove income or assets). You must have a good credit score to secure a NINA loan.
If you can't get the letter and getting a cosigner is not an option, then look the loan above, also called no-doc loans. http://my.countrywide.com/
This is a good source for these types of loans. The interest rate listed above sounds high to me. Probably 6 to 6 3/4 percent. But call anyway, since I am not sure. They can usually preapprove you over the phone. As Beriberi mentioned you need an excellent score and 10% downpayment.

If you get this in place as a backup, you should be OK. It won't cost you more to get preapproved, but it may cost more if you start the process of appraisals and other fees. The interest rate is higher too. But you'll have the house.
 

Mutterkuchen

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theringworm said:
The letter really has no substance given to it. We will be needing the loan way before my wife starts work (we are talking months here), so even if a solid employer was serious about hiring her, they could still end up deciding not to. I don't want to do anything that's not right. It just seems like this is something that doesn't amount to anything. What if she was self employed then what would they want? It's all bunk.
By the way this is not exactly true. The offer letter is some sort of contract. I'm sure that they can back out, but it would be more difficult for the company to do this after the "official" letter was sent. If you were self employed you'd have to get the no-doc loan mentioned above, or would have to document your earnings over the last few years somehow.
 

theringworm

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JBJ said:
By the way this is not exactly true. The offer letter is some sort of contract. I'm sure that they can back out, but it would be more difficult for the company to do this after the "official" letter was sent. If you were self employed you'd have to get the no-doc loan mentioned above, or would have to document your earnings over the last few years somehow.
I am sorry, but I don't agree with you. It is a contract between you and the employer, not you and the lender. I don't see how a letter would be a binding agreement b/w a lending company and an employer of the person buying the home. Esp. if there is a big time lapse from the time you need the letter to get the loan, and the time you actually start to work. The employer could have filled the position with someone else, decided to down size, etc. etc. during this time lapse. The lender can't do anything to the employer after the loan has been aquired because they didn't hire you. Now granted the buyer may be a little pissed a may have grounds for some type of law suit, but the lender can't do jack. They gave you a loan, then sell your loan to some investor and that's the end of the story. Whatever happens after that is b/w you and the employer.
 

Mutterkuchen

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theringworm said:
I am sorry, but I don't agree with you. It is a contract between you and the employer, not you and the lender. I don't see how a letter would be a binding agreement b/w a lending company and an employer of the person buying the home. Esp. if there is a big time lapse from the time you need the letter to get the loan, and the time you actually start to work. The employer could have filled the position with someone else, decided to down size, etc. etc. during this time lapse. The lender can't do anything to the employer after the loan has been aquired because they didn't hire you. Now granted the buyer may be a little pissed a may have grounds for some type of law suit, but the lender can't do jack. They gave you a loan, then sell your loan to some investor and that's the end of the story. Whatever happens after that is b/w you and the employer.
That is what I meant. . . between the employee and employee. Your employer has nothing to do with it, except when they verify employment or salary.
 
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