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I am purchasing a property from my mother. I have applied for the mortgage ($69,600), received the mortgage commitment letter and I am now waiting for underwriting approval. I spoke with my mortgage processor (local credit union) and she says underwriting is trying to figure out my payroll due to various changes that have been made over the past few years. Now, other than a raise and my spuratic commmision payment schedule (my boss never pays on time, sometimes months late) my pay has only gone up year after year. The big problem seems to be that even though I receive a salary plus commission, my employer changes how he enters this info on my paystubs every few weeks. For example, last week my stub shows I worked one hour for 1065.47 and the week before shows 40 hours at $21.75 plus 4 hours of overtime at 48.95. Some weeks show my true salary at $1250.00. Can I still be denied because my employer is a complete idiot when it comes to payroll?
My guess is they will get it sorted out, but that is completely ridiculous. I would just do the 1 hr at 1000 per every week
I agree!!!! I went to school with the guy I work for and he has never really been a "books" guy if you know what I mean. lol
@Anonymous wrote:My guess is they will get it sorted out, but that is completely ridiculous. I would just do the 1 hr at 1000 per every week
lol...love this answer!
@Anonymous wrote:I am purchasing a property from my mother. I have applied for the mortgage ($69,600), received the mortgage commitment letter and I am now waiting for underwriting approval. I spoke with my mortgage processor (local credit union) and she says underwriting is trying to figure out my payroll due to various changes that have been made over the past few years. Now, other than a raise and my spuratic commmision payment schedule (my boss never pays on time, sometimes months late) my pay has only gone up year after year. The big problem seems to be that even though I receive a salary plus commission, my employer changes how he enters this info on my paystubs every few weeks. For example, last week my stub shows I worked one hour for 1065.47 and the week before shows 40 hours at $21.75 plus 4 hours of overtime at 48.95. Some weeks show my true salary at $1250.00. Can I still be denied because my employer is a complete idiot when it comes to payroll?
I think at worst case they can go to the SE method of income verification: last two years tax returns and call it good?
Had a similar snafu on mine with my second gig, which I didn't even want to declare but since it was part of the work history and the employment verification came back "employed-part time" they want to dig deeper =/.
Even told them my income was like $400 per month, but since I cleared 2K on my last paycheck they want to talk, so I'm not surprised your lender is running around in circles over your crazy issue .