Good news everyone! We got a conditional mortgage loan commitment! Being that my husband was in prison up until February 2008, he is 3 months shy of the 2 year work history requirement. Initially, we thought that might stop us from getting our mortgage for our first home, but 5th 3rd has been very gracious and are trying to work with us anyway.
I wanted to write about this because I am sure there are many other ex-felons out there who are trying to start a better life for themselves and probably feel like no bank would ever give them a mortgage. Let alone a major bank like Fifth Third. Well, don’t let that hold you back. If you have worked 2 years and your credit isn’t absolutely horrible, then they may work with you.
Anyway, the bank needs to show that hubby was in his line of work for a full two years. It just so happens that he worked for the prison on a work crew doing construction type work (which is what he does now). I never would have thought to try to use that to show employment history because… well… it’s prison work and he only made $18 per month. Suprisingly, the loan underwriter is the one who suggested using that to show employment history. That truly was a blessing. I never would have expected them to say that.
It wouldn’t have been a big deal anyway if we weren’t able to use his prison employment. We were told that we are gauranteed a loan by February when he would reach his full 2 year employment anyway. I just didn’t want to wait of course. If we find a buyer for my parents house now, and we can’t buy until February, then we may have to move twice. Ugh.
So now I have to deal with getting the prison system to provide me with documentation of his work history with them. That’s going to suck for sure. I am sure it won’t be easy. Hopefully it won’t take me too long.
So, we pretty much have “all our ducks in a row” now. We just need to sell this house!
Tags: buying our first home, ex-felon buying a house, mortgage loan commitment
