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Old 12-06-2011, 11:26 AM
 
11 posts, read 25,869 times
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Anyone know how this would affect our approval? I received a job offer for a significant increase in pay with a MUCH shorter commute. The position is in the same field and is a great opportunity. I'm going to take the offer but I need to know if this would set me back with a lender? As a first time home buyer, I dont really know how this would affect us and we definitely need to buy before the new school year.

Any thoughts?
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Old 12-06-2011, 12:32 PM
 
Location: Long Island
9,918 posts, read 23,042,959 times
Reputation: 5872
Quote:
Originally Posted by RisingSun76 View Post
Anyone know how this would affect our approval? I received a job offer for a significant increase in pay with a MUCH shorter commute. The position is in the same field and is a great opportunity. I'm going to take the offer but I need to know if this would set me back with a lender? As a first time home buyer, I dont really know how this would affect us and we definitely need to buy before the new school year.

Any thoughts?

In my experience, because it's in the same field, it won't be a problem for many lenders. They'll want to see two or more paystubs, but that shouldn't be a problem. Ask a potential lender upfront how they will treat this.
And congratulations on your new job
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Old 12-06-2011, 10:01 PM
 
Location: MID ATLANTIC
8,650 posts, read 22,807,444 times
Reputation: 10469
Be very careful. Common sense says this should not be a problem, and believe it or not, for almost 2 years it was a problem. We could not satisfy the 30 days paystub requirement for the income to be counted. This was fixed in a recent DU update, but make sure your lender is aware of the update. Most are, it was kind of a "duh" moment. Like, "ya think?"

We've seen some real idiot moves in this mess.
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Old 12-13-2011, 02:59 PM
 
Location: Plano, Texas
1,673 posts, read 7,002,579 times
Reputation: 697
Your loan couldnt be approved til you can show 1 month worth of paycheck stubs. Lenders used to take offer letters, but those are no longer accepted.
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Old 12-15-2011, 09:40 PM
 
Location: MID ATLANTIC
8,650 posts, read 22,807,444 times
Reputation: 10469
Quote:
Originally Posted by VictorBurek View Post
Your loan couldnt be approved til you can show 1 month worth of paycheck stubs. Lenders used to take offer letters, but those are no longer accepted.
DU did away with the 30 day paystub for a job change in an DU Update late last year. If there's a 30 day requirement, it's an investor overlay, but not a Fannie requirement. Any lender that offers Fannie Direct would be able to close the loan without 30 day paystubs.

The changes are on page for at this link: http://tinyurl.com/7x7sv52 on page 4, 3rd bullet down.

Last edited by SmartMoney; 12-15-2011 at 09:51 PM.. Reason: Added link for source of information
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