#TGIF – The Grind Includes Friday (everyday for me) 🙂 – Very frequently I am asked about rules of the 1003, and wanted to drop two commonly asked questions as guides today. Number 1, the 1003 is going to changed, yep you’re going to have to learn a new one! But not until 2019. So you still have 1 more year with the current version of the URLA. So good news there. Number 2, the most commonly asked question I get asked is about the work history. Most get confused about the rules for using income, and how to fill out the 1003. Let me clarify. – You need to detail a 2 year housing and a 2 year work history on the 1003. It’s as simple as that. If they have only worked at their current job for 30 days, just keep asking the client “where did you work prior to that?”. Make sure you detail 2 years as a history of working. Now high school does NOT count, but trade schools and college do. If there is more than 30 day job gap all you need to do is get a letter of explanation from the client (loe/lox). Simple. Number 3, the rule of 5. I love this rule. And many do not know it. So here’s a cheat sheet to refer too. Commission, bonus, over-time, self-employed or working two jobs are the 5 things in this rule. And really you only need a TWO YEAR HISTORY OF WORKING TWO JOBS AT THE SAME TIME! The rest of the rule of 5 you only need a 1 year history of doing. With exception of being self employed and actually working in the same field for 2 years or more, but you can be self employed for 1 year only and do a home loan.
Better yet, you can use our #SponsoroftheWeek PERFECT LO to help you take an accurate 1003 from the start! #SellWell
I’m growing again and today calling Broker’s I do NOT know at all. If you watch this, share it with a fellow Broker or Bank that could use a great Account Executive to help them close more loans and gain more business! #FilloutBelow