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08-20-2009, 08:06 AM
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1 posts, read 2,248 times
Reputation: 10
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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?
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08-20-2009, 08:34 AM
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Location: Fuquay Varina
6,059 posts, read 8,600,914 times
Reputation: 16994
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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.
Good luck!
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08-20-2009, 09:19 AM
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Location: Plano, Texas
1,675 posts, read 6,794,684 times
Reputation: 697
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As above poster pointed out, all you need is to provide a pay stub at the higher income.
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08-21-2009, 05:20 PM
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Location: Cold Frozen North
1,929 posts, read 4,949,295 times
Reputation: 1303
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Being in the same line of works helps also. And being on your previous job at least 2 years is good too.
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08-21-2009, 05:52 PM
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161 posts, read 473,901 times
Reputation: 85
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Quote:
Originally Posted by CO_Home Buyer
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?
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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. |
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08-22-2009, 02:27 PM
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392 posts, read 1,489,553 times
Reputation: 134
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30 day pay stub... provided the new job is Full time, W2 (no tips, bonus, commission, OT, etc).
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08-24-2009, 08:46 AM
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Location: Fuquay Varina
6,059 posts, read 8,600,914 times
Reputation: 16994
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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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