Did You know that we allow a Borrower who works for a union NOT TO have employment at the time of closing??? It’s true!!
Freddie Mac recognizes that certain union members working in certain industries may have multiple employers which means multiple W2’s and paystubs.
In cases like this, the employment is still viewed as stable and consistent and the Borrower MAY OR MAY NOT be in between employers at the time of closing.
We would need to obtain a 10 day PCV ( Pre-closing verification) from the union. A fully completed VOE ( Verification of Employment) captures all the information that is required.
We need to make our case to the Lender to justify closing when the Borrower is in between jobs. If you are a union work and looking to refinance or purchase a property contact one of our mortgage loan originators and inquire about this allowable overlay.