Conditional approval and VOE

[EaglesFan2006]

I got my conditional approval for FHA a couple of weeks ago. The conditions were pretty standard (appraisal, insurance, verification of 401k deposit, and proof of my 3rd IRS payment). Pretty much through everything except proving the 3rd IRS payment, which I will do this week.

My question is regarding VOE and income. I had OT income as part of the loan... LO and all knew that and it seems satisfied based on my paystubs and history. My question is, since that wasn’t a listed condition, is it safe to assume the UW is already satisfied with the income portion? I know they will probably call to verify I still work there closer to closing, but do I have anything else to worry about with the income portion.

[CreditCuriosity]

UW can ask for it time after time again of proof of income if they so choose just let the loan person guide you through everything and you should be fine.  So you loan specilist should be able to answer that for you although they don't always know what the UW will ask for.

[EaglesFan2006]

Thanks that makes sense. I understand they may ask for income stuff again. I meant more in the sense that they already verified the overtime and income and all and approved the loan with that. Assuming I don’t have any income changes if they ask for a pay stub or something, I should be good in that regard right?

[acer87]

I closed June 29th, my pre approval was done around February, this was when my lender conducted a VOE. A week before closing they requested pay stubs again along with bank statements. The amount I was approved for was contingent on a lot of overtime. I’m guessing the underwriter wanted to see if my overtime is consistent. It is.

[EaglesFan2006]

Yeah similar for me. I’m not worried about my OT continuing. I fact this coming week will be last pay day before closing and I have the normal OT on there. I was more or less making sure that any written VOE would’ve already been satisfied. Hopefully it is.