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I had a lower paying job last year so my tax return and W2 reflects that. I now have a new job over the last 4 months which pays double what my prior job did. I want to apply for a mortgage soon but I've heard that I will only be able to use my lower income from last year because I don't have a tax return showing the higher income. Is this true? I have verified bank statements and recent paystubs that reflects the higher pay. Do I have to work at the same salary level for a year or more before they will use the higher income?
I don't want to go through the whole process of mortgage application unless I can be confident they will use the higher income and not last year's stuff.
They will use your higher income. They will just need the last 30 days of paystubs and they will go off of that and what your verification of employment form says. Shouldn't be a problem at all.
I hear your concern. I had similar issue where i just couldnt hold a job. I tried new careers that didn't pan out so i went back to my old career field. But my total income last year was horrendous compared to previous years. I will double my income this year.
Anyway i had no issues. I was approved and closed on my loan with no quesions 3/31.
You should be fine as long as you have history of the job your currently in is the same line of work