I'm about to get a significant raise in pay and I want to use this higher income to get a larger mortgage loan, is there some way to do that? by BSimpson from Warwick, Rhode Island. Mar 12th 2013
You would need to provide a current pay stub reflecting the increase to use the higher income.
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Unless it is a raise you can prove with a contract, you'll actually have to start receiving it before you can use it.
Yu will need a 30 day pay history (paystubs) to be able to use the higher income to qualify.
I agree with the others who have posted. Documentation (paystubs covering a 30 day period) would be needed to show that it is being received in order to use it for qualifying.
You will need to provide at least one pay stub reflecting your new pay increase and the lender will get a verification of employment that will need to show the pay increase and when it went it started. Good luck.
You will need to be able to prove that you will be receiving the raise through a written contract or provide at least two pay stubs reflecting the raise. In most cases you will probably need to wait until after 30 days to prove that your income has increased.
Yes definitly you can, but more information is needed. wwwHOMEMORTGAGEXPERT.com
A firm offer, which can be documented, may be acceptable, but most lenders will want 30-day pay stub(s).
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