Bank denies loan on Cash out Refi. Now what?

[Jameson Sullivan]

So, long story short, I bought my first house to live in for about 130k, put about 70 into it, including 20k for the foundation and it was just appraised at 245k and I was going to get 57k back out in cash. So not perfect but I'm pretty happy with that considering I actually haven't even finished the project yet, there still outside paint and yard work (including a fence to be built) to be done. So all things considered I was happy with that outcome for my first BRRRR-ish rehab.

SO here's where things go south, I recently changed jobs because I graduated last year and was done in the restaurant. I'm making a tiny bit more money now but really only about 100-150 dollars more monthly. To make things more concrete, I make about 2600 bucks a month now and as a bartender I would make between 2400 and 3000 depending on the month. So I would have qualified for the exact same loan amount as a bartender as well. I now work at Samsung, however my employment is through a placement agency that places contract and temp work. Technically that's what my team is however the team and at least 4 team members have been there 3 + years and due to the nature of what we are doing, we will continue for at least 3 more. People have been promoted to new positions within Samsung etc etc. Its a solid job that isn't going anywhere is what I'm trying to say.

Unfortunately, the bank sees my paystubs through this other company that's a temp agency and U/W throws a fit about it and denies the loan after Ive been working my tail off the last month to get them what they need, including a signed letter from my boss at Samsung stating that it is extremely likely my employment will continue for as long as I should choose.

My payments currently are 931.85 and under the new loan would be 1189.xx, I receive rental income that covers that amount every month for 2 of the bedrooms, however we decided not to use that income because they could have looked at it as an investment and the terms wouldn't have been as sweet.

So I'm still working this for a few more days, and trying to get the agency to send a letter to the bank confirming I will work there as long as I want, but if that doesn't work, I'm stuck.

So, Ive been with this bank for 10 years, they've seen every penny Ive ever earned go through their account, so if this does not work I will be pulling every cent and closing all of my accounts with them, but that still leaves me with the problem of the refi. Does anyone have any experience with this? Will another bank play ball with me here? Its really not an option to leave the money in the home as equity given the opportunities I have elsewhere. Anything creative maybe? Anything helps guys.

Best Regards,

Jameson M Sullivan

[Joel Cummings]

Sorry man that sucks, big time. I have to say this next sentence for those who might read this in the future so sorry if it feels critical: don't ever ever ever change jobs right before signing a mortgage, refi or not. You can quit the day after it closes, but if you change anything, even the day before, you're probably screwing over your loan. 

I can put you in touch with a lender friend of mine who might be able to help. PM me your email and I'll send it over to him. If anyone can find a way he can. 

Or find a partner who can qualify for the mortgage and share the deal. Good luck!