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Old 04-13-2011, 10:28 AM
 
99 posts, read 200,825 times
Reputation: 47

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Hi All,

My DH and I are in the process of purchasing a home in another state. We are going with a conventional loan (since we will not be able to provide domiciled proof of income by the closing), and we are putting down 20% with no problem as we have to purchase as an "investment property" since we are coming from another state (we have personal reasons for needing to purchase now even though we are not moving until the end of the summer).

$215K purchase price, appraised over that, loan for $172,000 being under written.

All of a sudden, our loan officer asked about my transfer details for work. Which is odd. They know that we will not be moving into the house any time soon. So why would they ask for these details now? Am I being paranoid? My company can offer a letter stating my current income and that I will continue to be employed in the foreseeable future, but it's at-will employment - no contracts - so I'm not sure what else they could provide.

Does anyone have any thoughts? I think I am just paranoid that all of a sudden we won't get approved. We are scheduled to close on 4/25/11.
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Old 04-13-2011, 10:41 AM
 
28,460 posts, read 80,850,973 times
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As long as the info you supply matches what you have said there is no reason to be paranoid.

They are required to verify employment / income no matter what your "employment status". If you file as a self employed person (as was common for many IT contractors) you will probably be asked to supply tax returns, but a regular W-2 employee is always assumed to be "at will" for mortage purpose.
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Old 04-13-2011, 10:49 AM
 
99 posts, read 200,825 times
Reputation: 47
Thanks Chet.

It just made me nervous as this was coming out of the blue from the underwriter, and I'm not self-employed. Thank you for your reply.

Sounds good!
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