I don't have any other proof of income...I'm pretty fresh out of college. I make $55k salary and have a 750+ credit score. I also have $10k+ for closing.
2007-01-12 08:04:35 · 5 answers · asked by shopalldeals 1 in Business & Finance ➔ Credit
two paystubs and a letter from employer is sufficient to verify income.You should have no problem with a mortgage with a credit score that high. They may ask for one month bank statements to prove you have funds to close.Depending on the ltv (loan to value) you may not require any documentation, they may want your transcripts from college just to prove you have been in school, hope this helps
2007-01-12 08:14:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well... I work for a lender... and we used to have Stated Income (no need of proof, only "3 reference letters")... currently every lender is changing their guidelines, because 4 of the mayor lenders went out of business in a matter of 2 months...
It all depends on your credit history....
Do you have credit cards? have you bought a car yet?
In my bank you need 2 trade-lines for 24 months and other 2 w/ one month if you want to pay NO down-payment....
You can also try getting a Realtor that is able to get you a house in which the owner is willing to do a seller carry-back of maybe 10%.... Just ask a Realtor if he can find you a owner willing to do "seller carry-back of 10%".. If you get a house like that, then your credit history doesn't really matter, because you are just getting 90% from the lender, and a loan of 10% from the owner of the house.. the interest rate would be lower from the lender too than if you get a 100% loan....
2007-01-12 09:32:20 · answer #2 · answered by CRA 3 · 0⤊ 0⤋
Most likely, with credit scores of 750, you lender will be able to verify income with a paystub and a verbal verification to your employer.
It should be no problem.
2007-01-12 08:23:28 · answer #3 · answered by Culture Warrior 4 · 1⤊ 0⤋
If your credit is excellent, then just paystubs could be able to carry you into a top-notch loan.
You can still get a loan with less than stellar credit and paystubs, but your interest rate may be significantly higher.
2007-01-12 08:08:46 · answer #4 · answered by RR 1 · 0⤊ 0⤋
Get some ideas on this site:http://www.whichloan.biz/
2007-01-12 08:29:58 · answer #5 · answered by Labella 2 · 0⤊ 0⤋