Home Buying in 94065>Question Details

Lnmiles2112, Home Buyer in 94065

Is VOE just as good as a pay stub for FHA loan?

Asked by Lnmiles2112, 94065 Fri Apr 9, 2010

I am in the process of trying to buy a home, I am employed as a RN and make a pretty good amount of money on the hour... I have not received my first paycheck yet, so will my verification of employment with pay and hours be enough to get an FHA loan?

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Answers

5
You can qualify with your first month of pay stubs from training for an FHA loan. A VOE will not work which I am sure you have found out.

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Nov 18, 2012
Elva is correct -

Are you an employee with a salary -or a contract employee? This will make a difference in how the underwriter views your file.

Get a good mortgage banker to give you advice on an approval.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
0 votes Thank Flag Link Sat Apr 10, 2010
No, it's not the same. Slow down a little LNmiles. Get pre-approved first. If you are on a new job or career, you might have to wait 3-6 months to get approved.

The best person to tell you this is your mortgage professional. Preview as many homes online and go to as many open homes as possible. Don't be in such a rush. Take your time and do it right.

Good luck,

Tap
Cashin Company
http://www.DavidTapper.com
http://www.TeamTaper.com
650-403-6252
0 votes Thank Flag Link Fri Apr 9, 2010
There could be one other issue. Did you work as an RN and just change jobs? RN's normally get paid by the hour, they are not salaried. Depending on where you were working before, how many hours a week, what you are being hired for now. There are a lot of issues that need to be sorted out before you can be assured of anything.
0 votes Thank Flag Link Fri Apr 9, 2010
Hi Lnmiles2112,

The underwriter can use your verificaton of employment for approval but will probably condition for a pay check stub prior to loan documents.

Best regards,
Elva
0 votes Thank Flag Link Fri Apr 9, 2010
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