Financing Options for a Per Diem Nurse

[Dustin Williams]

My wife has over 3 years of work experience as a RN.  She worked full-time for about 2 years in 2011-2013, then took 5 years off of work to be a stay at home mom.  She has returned to work in January of this year, but is currently working as a per diem nurse.  

We have been talking with several conventional loan officers, and it seems that the fact that she has returned to work only 10 months ago combined with the fact she is a per diem nurse is a problem.  

We would like to get an investment loan for a second property.   Credit score and downpayment aren't a problem, but we need to be able to use her income to qualify.  I'm looking for advice/suggestions on how to best overcome the per diem roadblock, without her returning to full-time.    

[Chris Mason]

Originally posted by @Dustin Williams:

My wife has over 3 years of work experience as a RN.  She worked full-time for about 2 years in 2011-2013, then took 5 years off of work to be a stay at home mom.  She has returned to work in January of this year, but is currently working as a per diem nurse.  

We have been talking with several conventional loan officers, and it seems that the fact that she has returned to work only 10 months ago combined with the fact she is a per diem nurse is a problem.  

We would like to get an investment loan for a second property.   Credit score and downpayment aren't a problem, but we need to be able to use her income to qualify.  I'm looking for advice/suggestions on how to best overcome the per diem roadblock, without her returning to full-time.    

 Refinance the primary residence into just your name, remove her from title. Ensure all down payment funds + 6 months of reserves are in a joint account for a couple months. 

Now her housing to income ratio is 0.00%. Assuming she has no consumer debts, her DTI is also at 0.00%.

Assuming the property cashflows according to Fannie Math with no overlays, her DTI will STILL be 0.00%.

I'm doing more and more mortgages for folks that are unemployed or under-employed lately. Party like it's 2006, whoop whoop. :P