Ask Experts Questions for FREE Help !
Ask
    jackie0000's Avatar
    jackie0000 Posts: 14, Reputation: 1
    New Member
    		  
    #1

    Nov 20, 2009, 09:09 PM
    Proof of Income
    Is it possible to get a mortgage without proof of income?
    Does proof of savings factor into the approval?
    For what length of time must a buyer prove income?

    The story is, I found a house but lost a job. What do I have to do and how long will it take to put me in a position to buy?

    Thanks
    :confused:
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Nov 20, 2009, 09:20 PM

    Well if you have perhaps 1/2 of the cost of the home in the bank, but honestly, first without a job, you need to find a job before you go out buying a home. And yes you will need to prove to the lender you have the ability to pay them their payment each month.

    So they will want a current proof of income and nomally will verify your employment
    jackie0000's Avatar
    jackie0000 Posts: 14, Reputation: 1
    New Member
    		  
    #3

    Nov 20, 2009, 09:32 PM
    Quote Originally Posted by Fr_Chuck View Post
    So they will want a current proof of income and nomally will verify your employment
    What extent of proof of income is normally required: 2 pay stubs, 20 pay stubs, 200 pay stubs?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Is there any way to get a loan modification without proof of income? [ 1 Answers ]

The loan modification seems like a nightmare what steps can be done without complete proof of income?

Getting a mortgage with no proof of income? [ 1 Answers ]

My sister is trying to buy a double wide trailer. The cost after financing is going to come to about $95K. Her and her husband have already put down some money on the place, I think it was a deposit to keep it on the lot or order or something, not sure.. they were pre-approved for the loan and...

Worldwide Income - Proof of foreign income [ 7 Answers ]

I am a US citizen and my spouse came to the USA on a K-1 visa in early September, 2008. She has been living here ever since. For the 2008 tax year, we plan to file a joint tax return and make her a "Nonresident Alien Treated as a Resident" for tax purposes. To do that, we have to report her...

Foreign Income: Proof; Exchange rate [ 1 Answers ]

If I am declaring foreign income and also excluding using form 2555, do I need to attach any income statements or proof with my 1040? Also, we are required to report values in US dollars, and the exchange rate fluctuates quite a bit. What should be date on which we use the exchange rate? Can we...

W2 not sufficient for proof of income [ 11 Answers ]

Our refund has been delayed for over two months. Just this week someone from the IRS called asking for verification of income from the company on company letterhead. The IRS contacted the company and the information was faxed to the IRS. Why isn't the w2 enough? I hope there is a light at the...

View more questions Search