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Does a month gap in income affect mortgage qualification?

by sanduskypaul953 from Centreville, Virginia. Mar 12th 2014 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

No... If you are out of work less than 6 months, you just need to be working, and be able to provide 30-days worth of pay stubs from the new job. www.Minneapolis-Mortgage.net

Mar 12th 2014
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Sonya St Jacques (sstjacques@mmcdcorp.com)
#75 ranked lender in Virginia - 24 contributions

Not neccessarily. All loan programs ask you to explain any gap in income that exceeds 30 days but if you are currently employed full time, are likely to continue to be employed and the income covers your proposed housing payment you should be fine. You just need to provide the explanation and the new payment documentation as required. You can contact me at 804-767-4946 if you would like to get qulaified or if you have further questions ... My web site is www.homeinmyheart.com...I look forward to hearing from you, Sonya

Mar 12th 2014
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Jenni Rowe (JenniRowe)
#0 ranked lender in Virginia - 10 contributions

Nope,as long as you have 30 days pay stubs, you are good to go.Jenni

Mar 12th 2014
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Joyce Ettingoff (speedlad)
#34 ranked lender in Maryland - 68 contributions

This should not be a problem. You would probably need to provide a letter of explanation. You may call me to further discuss the situation if you would like. 301 915 5644 or email speedlad@aol.com

Mar 12th 2014
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NA NA (notapplicable)
#8 ranked lender in Virginia - 15 contributions

No, but underwriting will require the most recent 30 days worth of paystubs from you current job. Feel free to call or email me anytime of you have any other questions.Jason Crigler, Crown Mortgage, Charlottesville, Virginiawww.crownmortgage.com, Free pre-approvals, no application fees.

Mar 12th 2014
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

No, but if you change how you get paid, or your line of work, it could have a bad impact.... for example.. if your last job was working at a department store for $15 per hour, and you go to work for a car dealership at 100% sales commissions, then you will have a problem.. but in the same example, if you go work for a different department store and still get paid by the hour, then you wont have a problem.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 12th 2014
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Chris Samples (csamples)
#139 ranked lender in Texas - 82 contributions

As long as your position and industry are pretty much the same before and after the gap; and that you didn't change from a salaried to a commissioned pay structure, then you should be alright.

Mar 12th 2014
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Not usually.

Mar 12th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Not usually but it has to be explained, and you do need to be back to work with verifiable income. Often there is a requirement for you to be on the new job for 30 days before closing.

Mar 12th 2014
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Jeanette Salamon (Jeanette)
#62 ranked lender in Virginia - 32 contributions

Unless you are changing the way you get paid to commission only or become self-employed. A one month job gap is no problem, will do a Letter of Explanation and we must show at least 1 pay stub from the new job. I am a Senior Mortgage Banker individually licensed in VA and would be happy to help you.

Mar 12th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

It would only be an issue if you were going from W2 to self-employed or if you were going from an hourly wage to a commission wage or if you were going from hourly/salary wage to a truck driver. A job change can make a difference, but the 1 month job gap should be fine. Best wishes, Sean

Mar 12th 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Not necessarily. It really depends on the reason for the gap, the nature of your work, the manner in which you are paid, etc. It's not possible to be sure or advise you well without understanding the entire picture. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Mar 14th 2014
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