I have never heard of such a thing. After all Real Estate agents and Loan Officers are Commission based jobs. You need to do some more research. There are a million lenders out there. There are plenty that will get you a mortgage. Just make sure to check your credit report.
Yeah, that sounds like something specific to the lender you looked at. I guess you argue that trucking is unreliable income due to the pay being per mile, but you could argue the same thing for hourly jobs since you are not guaranteed a certain number of hours per week. That's the most ridiculous thing I've ever heard. Look at another lender.
ETA I see you looked at 4 different lenders, in this case I'm guessing it's something to do with the requirements of the VA loan. If you are set on staying OTR maybe look into a conventional mortgage.
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
Tell Shaffer the situation... get the loan.. then go back to them in 6 mos. Lol problem solved.
As has been said, there are many lenders out there, and most of them want to make loans. Some lenders have a certain taste they want, and performance pay may not be one of them. Maybe try credit unions, especially those in the area you are considering buying. I saw you are a veteran, so also consider USAA and Navy Federal (full disclosure: I used to work for USAA and I think very highly of them).
It may not be the same thing, but think of yourself as a business owner (even as a company driver). If I'm a lender, what's important to me when giving you a loan? The ability to pay it back! Business owners get mortgages all the time, but they have tax returns, income projections, etc. Come prepared to the lender with everything you know. How about bringing a full year projection of your income? Yes, you earn cpm , but estimate it out, using conservative figures, to what you are likely to earn. This is what they want to see.
There's a saying in the sales business, "Some will, some won't, so what, who's next?" It goes both ways.
Drivers are often paid by the mile and it's given in cents per mile, or cpm.
Thanks guys I really appreciate ur input, I will b doing more research and see how I fair, once again thank you....out
As has been said, there are many lenders out there, and most of them want to make loans. Some lenders have a certain taste they want, and performance pay may not be one of them. Maybe try credit unions, especially those in the area you are considering buying. I saw you are a veteran, so also consider USAA and Navy Federal (full disclosure: I used to work for USAA and I think very highly of them).
It may not be the same thing, but think of yourself as a business owner (even as a company driver). If I'm a lender, what's important to me when giving you a loan? The ability to pay it back! Business owners get mortgages all the time, but they have tax returns, income projections, etc. Come prepared to the lender with everything you know. How about bringing a full year projection of your income? Yes, you earn cpm , but estimate it out, using conservative figures, to what you are likely to earn. This is what they want to see.
There's a saying in the sales business, "Some will, some won't, so what, who's next?" It goes both ways.
Drivers are often paid by the mile and it's given in cents per mile, or cpm.
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I would hate to b a statistical number like OS said a while back about drivers not lasting long In OTR , I work for Shaffer, I have almost 4 months solo it's a great company I'm averaging about 2000-2600 week, a couple of weeks I have gone pass 3000 miles, I have a great DM , I get .45 cpm so no complaints there, however I just got out d military and I'm trying to buy a house for my wife n kids in Florida but the lenders won't touch my va loan due to me having a performance base pay, they want and hour or salary base pay, I have try 4 different lenders and talk to a va rep. To make sure they were giving me accurate information.
Now I am been forced to leave OTR and work for waste management they will give me $15.40 and hour, and I will get my house loan with out a problem.
Any suggestions, I am resisting leaving OTR and my company, I am really getting depressed thinking I won't be out here in the open road fighting for a parking spot in d truck stop, dealing with customers, dealing with four wheelers, talking to nice people I wouldn't have met, waking up in a different place every morning, not being a truck driver.......out
OTR:
Over The Road
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
Dm:
Dispatcher, Fleet Manager, Driver Manager
The primary person a driver communicates with at his/her company. A dispatcher can play many roles, depending on the company's structure. Dispatchers may assign freight, file requests for home time, relay messages between the driver and management, inform customer service of any delays, change appointment times, and report information to the load planners.CPM:
Cents Per Mile
Drivers are often paid by the mile and it's given in cents per mile, or cpm.