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Old 04-28-2013, 07:05 PM
 
3 posts, read 17,199 times
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Hello world,

So i have mad an offer, had it accepted, got an appraisal and underwriter says everything is good to go. Only 2 problems sellers aren't ready to close until July 1, and Im getting suspended without pay for about a month.

So my question is how long are my paystubs good for? When will they need to request new ones?

And do you think one month of no pay with affect my being approved?

Thanks
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Old 04-28-2013, 07:15 PM
 
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Yes. You would likely need to keep sending paystubs through the closing date, and there will be a manual check of your employment made by processing, direct with your HR department as well.

Depends if it's a one time thing, if you qualify with the new income average. Depending on the circumstance, a Suspension without pay is a Red Flag in the area of likelihood of continuance of stable employment.
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Old 04-28-2013, 07:31 PM
 
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Dont need to disclose it that way as it is not on my paystubs, but my broker told me that I should have to renew them up to a certain point just wondering if its 30 days 60 days?
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Old 04-28-2013, 08:05 PM
 
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As I mentioned, the lender will obtain a Verification of Employment from your HR department that goes into detail regarding your employment status.
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Old 04-29-2013, 01:41 PM
 
Location: SF Bay Area
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They need 2 months of paystub.
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Old 04-29-2013, 07:33 PM
 
Location: MID ATLANTIC
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What kind of loan do you have? If it's FHA, the documentation must be within 90 days of the underwriter's approval, 180 days if new construction. Conventional is pretty much 90 days, across the board. However, every lender has their own overlay. We like to see a paystub within 30 days of closing and we do a verbal verification within 10 days of closing to make sure everyone is still employed.

Is the suspension a one time occurrence? Sequestration? Could you say you were taking Leave w/out Pay for other reasons? FLMA? "Suspension" makes your job seem like it's barely there. If there is a verbal VOE and you are not on the job, there could be challenges.
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