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Old 08-25-2018, 11:10 PM
 
Location: Georgia
82 posts, read 42,944 times
Reputation: 84

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applying for a mortgage. Have 720 credit and no debt. Last year i made $67,000. This year
I am going to make around the same. I want to buy a house for $210,000, plan to put down 5 percent and started the loan process. They wanted the past two w2s and last 30 days of pay stubs. I provided them with what they were asking.

Right now i average $1300 a week before tax, im a truck driver and get paid via mileage, not hourly. Im going to cut back on some of my work load these next couple of months because i dont feel like working so hard. Instead of $1300 a week, it will be $1000 a week until i feel like picking up the pace.

My question is when it gets to closing and the loan officer asks for my last 30 days of pay stubs, will there be a problem seeing as my monthly gross was 5200, but now is 4000? Im working at the same employer for the past 2 years. Nothing has changed except im taking it easy for a couple of months
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Old 08-25-2018, 11:31 PM
 
1,663 posts, read 1,013,703 times
Reputation: 3348
Yes. That will cause a problem.

Never should have let your GF talk you into buying.
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Old 08-26-2018, 12:19 AM
 
Location: on the wind
11,704 posts, read 5,359,443 times
Reputation: 38454
Quote:
Originally Posted by blue777 View Post
applying for a mortgage. Have 720 credit and no debt. Last year i made $67,000. This year
I am going to make around the same. I want to buy a house for $210,000, plan to put down 5 percent and started the loan process. They wanted the past two w2s and last 30 days of pay stubs. I provided them with what they were asking.

Right now i average $1300 a week before tax, im a truck driver and get paid via mileage, not hourly. Im going to cut back on some of my work load these next couple of months because i dont feel like working so hard. Instead of $1300 a week, it will be $1000 a week until i feel like picking up the pace.

My question is when it gets to closing and the loan officer asks for my last 30 days of pay stubs, will there be a problem seeing as my monthly gross was 5200, but now is 4000? Im working at the same employer for the past 2 years. Nothing has changed except im taking it easy for a couple of months
Showing reduced income before your loan is finalized? It's the worst possible time to "take it easy" or decide you don't want to work as hard! You can let things slide once that shiny new $210,000 DEBT is paid off or you sell the house.
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Old 08-26-2018, 08:07 AM
 
12,018 posts, read 9,305,137 times
Reputation: 13420
Quote:
Originally Posted by blue777 View Post
applying for a mortgage. Have 720 credit and no debt. Last year i made $67,000. This year
I am going to make around the same. I want to buy a house for $210,000, plan to put down 5 percent and started the loan process. They wanted the past two w2s and last 30 days of pay stubs. I provided them with what they were asking.

Right now i average $1300 a week before tax, im a truck driver and get paid via mileage, not hourly. Im going to cut back on some of my work load these next couple of months because i dont feel like working so hard. Instead of $1300 a week, it will be $1000 a week until i feel like picking up the pace.

My question is when it gets to closing and the loan officer asks for my last 30 days of pay stubs, will there be a problem seeing as my monthly gross was 5200, but now is 4000? Im working at the same employer for the past 2 years. Nothing has changed except im taking it easy for a couple of months
Work hard until you close and then you can take it easy.
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Old 08-26-2018, 08:12 AM
 
Location: Austin
7,205 posts, read 18,940,045 times
Reputation: 9808
If you're qualifying on current income, why would you think you can decrease your income and still qualify?
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Old 08-27-2018, 08:26 PM
 
Location: MID ATLANTIC
8,139 posts, read 19,989,830 times
Reputation: 9377
Well when we collect paystubs, we use the most recent 30 days. Those documents are good for 120 days. So if they are dated July 30, the are good until November 30. When you go to closing, we do a verbal verification to make certain you still work there, but no questions are asked about wages. And even if there was a decline in earnings, you could easily come up with multiple reasons (the holidays is when you see your highest mileage and so on).

You can do this - generally, pay cuts not recommended, but another way to make certain you are not over-extending yourself is to ask your LO to qualify you at a lower rate of pay.
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Old 08-28-2018, 08:20 AM
 
4,961 posts, read 12,540,051 times
Reputation: 3759
Another point is that the borrower may still easily qualify at the lower income. Let's say his DTI was 30% at the higher income and now it is going to be 40% with the lower income. Still qualifies. Just because someones qualifying income goes down does not mean they don't qualify any longer. Most people are not buying at their dead max. DTI.
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Old 08-31-2018, 01:36 PM
 
4,119 posts, read 10,500,209 times
Reputation: 1934
Stay at your parents' house a while longer. Forget the girlfriend pressuring you to spend all of your money. Seriously.
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