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Next week I will be starting a new job at a signifigantly higher pay rate. I have no gaps in my past employment history, however this will be the first job taking me into the 6 figure range. I am currently a renter. How long do I need to have this new income to use it to qualify for a home loan?
I only had to show 1 paystub. I moved states to a new job in the same company. I then had to wait for my first pay stub showing a full pay period and that was it.
Next week I will be starting a new job at a signifigantly higher pay rate. I have no gaps in my past employment history, however this will be the first job taking me into the 6 figure range. I am currently a renter. How long do I need to have this new income to use it to qualify for a home loan?
You either need to furnish a copy of your offer letter stating your hired salary, or use a current paystub. You may also get your human resources department to put something in writing on a letterhead stating your hired or new salary.
It may not have to be a full 30 day pay stub, I think that will depend on the lender. I only had to provide 1 pay period stub and that was enough, it showed 80 hours at the pay I had stated.
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