Home Buying in Troy>Question Details

Caca, Home Buyer in Ann Arbor, MI

Pay stubs requirement when applying for mortgage loan during job changing in the same field

Asked by Caca, Ann Arbor, MI Sat Apr 7, 2012

I just purchased a house and going through the mortgage application, how many months pay stubs do lender normally require due to changing job? I know different lenders have different rules, but please give me a range based on your experience. ( I will still work in the same field and there is no gap in between my jobs)

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It's not the lender who requires them, it's the underwriter. The underwriter is the person that's making sure the loan "makes sense" for the investors that will ultimately be taking all the risk on the loan.

Whether it's 2 months or 2 years worth of stubs, get whatever they ask for to them asap. It'll make the loan process go a lot more smoothly.
0 votes Thank Flag Link Sat Apr 7, 2012
Most lenders need 2 paychecks and 2 years of continuous job history.

0 votes Thank Flag Link Sat Apr 7, 2012
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