topic Re: Pay increase - How long before it counts? in Mortgage Loans

Pay increase - How long before it counts?

XAVIERSMAMA — Thu, 05 Nov 2009 15:24:31 GMT

I just received a promotion and pay increase, how long do I have to wait before my new income is taken into consideration? It's with the same company and within the same department/field. Thanks

Re: Pay increase - How long before it counts?

kai_1103 — Thu, 05 Nov 2009 16:51:47 GMT

I don't know the answer but congradulations on the promotion!!

Re: Pay increase - How long before it counts?

XAVIERSMAMA — Thu, 05 Nov 2009 17:08:12 GMT

Thanks kelaykay

Re: Pay increase - How long before it counts?

Anonymous — Thu, 05 Nov 2009 19:26:53 GMT

It depends on your file. If you have been with the compnay uninterrupted for a long period of time and the raises have been fairly consistent, they may count it right away.

If you have been with the compnay awhile, but this is the first major raise (or first in awhile), they may not count it until you have had it for 6 months to a year.

If your income has been up and down, self employed, or hard to prove, they will likely average income for the last 2 years.

There are alot of vairables and they vary between lenders/UW

Re: Pay increase - How long before it counts?

XAVIERSMAMA — Thu, 05 Nov 2009 20:01:23 GMT

Thanks, Mickie. I wasn't trying to qualify for more money I just wanted my dti ratio to reflect the extra $. I'm not going to wait 6 months for that, I'll just go ahead with my app as planned in a couple weeks. As of 11/4 my TU is 618, my EQ is 648 and my EX has always been the highest so I'm hoping that is still the case when I apply. I honestly have nothing else that I can do to increase my chances of approval so I'll just have to see what happens. I'll let you all know. Wish me luck

Chp7 BK discharged 11/20/07

TU 618 11/4/09

EQ 648 11/4/09

EX 636 6/20/09 - lender pulled

Re: Pay increase - How long before it counts?

ShanetheMortgageMan — Thu, 05 Nov 2009 20:23:28 GMT

Typically all you'll need is a new paycheck stub reflecting your new rate of pay.

Re: Pay increase - How long before it counts?

BungalowMo — Fri, 06 Nov 2009 15:59:43 GMT

While this is great news...your income will not affect your FICO's. (except for having more $$ to put on cc or loan balances! )

A LO will certainly factor it in the decision tho.

Re: Pay increase - How long before it counts?

Anonymous — Fri, 06 Nov 2009 18:32:08 GMT

I agree with Shane all you need is a paystub