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Frequent Contributor
ando35
Posts: 277
Registered: ‎10-05-2010

Small fib on loan request

I got approved on a loan. I overstated my salary by 5k, I make 65k. They then asked for my pay stub after approval. Will I get denied now?

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Small fib on loan request

$5k shouldn`t cause an issue.

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     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009

Re: Small fib on loan request

If they do question it just tell them you made an error in calculating your paycheck to yearly salary. Unless you were really on the edge for debt to income it shouldn't be any issue.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Valued Contributor
azguy13
Posts: 5,366
Registered: ‎04-30-2013

Re: Small fib on loan request


HoldingOntoHope wrote:

If they do question it just tell them you made an error in calculating your paycheck to yearly salary. Unless you were really on the edge for debt to income it shouldn't be any issue.


+1

 

It is actually a common mistake so I am sure it wont be the first time they have dealt with it. You should be good to go as long as, like HoldingOntoHope said, your DTI is not straddling the line




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Frequent Contributor
ando35
Posts: 277
Registered: ‎10-05-2010

Re: Small fib on loan request

Yeah, the guy said it wouldn;t matter to the bank.

Established Contributor
Luscher
Posts: 751
Registered: ‎03-24-2013

Re: Small fib on loan request

or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Small fib on loan request


Luscher wrote:
or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source

Probably not the time to double down on lying since they are asking for income verification.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
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Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011

Re: Small fib on loan request


Walt_K wrote:

Luscher wrote:
or just say that other 5k is from another source of income. just like when you apply for a credit card it asks for all income including any other source

Probably not the time to double down on lying since they are asking for income verification.


I laughed at this one.


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