Home Buying in Huntsville>Question Details

Steele918, Renter in Huntsville, AL

I have proof of a job, but not proof of income except for what I put in the bank. Should I rent or just try to buy a house?

Asked by Steele918, Huntsville, AL Thu Feb 27, 2014

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Proof of sufficient income is required for ALL mortgage programs. The income is confirmed by a variety of method including review of pay stubs, W-2's, 1099's, Federal Income Tax returns, etc.

You really do not want to start looking at homes until your Pre-Qualification has been completed. Your Pre-Qualification will give you an estimate of your monthly payment and potential cash to close. It is VERY important to make sure this reality matches your expectations. If not, you could be looking in a wrong price range.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation along with your credit report is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90-120 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90-120 days old, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Fri Feb 28, 2014
If you have a high enough income to purchase a house, then you have a high enough income to have filed Federal (and in AL state) taxes. You could use that as validation.
0 votes Thank Flag Link Fri Feb 28, 2014
I would speak to a local lender. Somebody where you bank that you can sit face to face with and explain your situation to. They will be able to explain if you can purchase or what may count as proof of income. It's possible a letter from your employer could verify income. You won't know what may work till you ask.

Now is going to be one of the best times to buy a home/ or any property for that matter, I'm years. Rates are still low, prices are starting to go up, buy if you can.
0 votes Thank Flag Link Fri Feb 28, 2014
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