Question about qualifying income for mortgage

[Anonymous]

I have a question for your homeowners... Until a few weeks ago, my HHI income was around $50,000 (while DH was in graduate school). He just started a job that pays $170,000. How long does he need to make that new income before we can use that to get a larger mortgage? Would his current pay stubs do, or would we have to wait until 1-2 years to have a tax form that reflects his new income? Thanks.

[Anonymous]

His current pay stubs should work. Your lender may require him to write a letter explaining why his pay suddenly increased (he graduated from school).

[Anonymous]

We just went through this OP. Our HHI was 45k when DH was in law school and I changed jobs and he is working now, so out HHI is now 240k. We had to jump through a lot of hoops with the lender. They wanted a copy of his degree and transcripts proving that h was enrolled and more months of bank statements than they would have required from normal people. We have good credit and a modest amount saved. The underwriters made our life hell. I suppose it was worth it to get a house.

[Anonymous]

Maximum of 2 paystubs with the most conservative lenders. Most will require 1. Some will only require an offer letter with statement of salary.

[Anonymous]

Anonymous wrote:Maximum of 2 paystubs with the most conservative lenders. Most will require 1. Some will only require an offer letter with statement of salary.

When was this? They are definitely a lot tougher now.

OP, I'm sure you'll be fine with a letter and explanation. They just don't like to see major changes right before buying a house. For example, my grandmother died and left us a small amount of money - we had to get the underwriters a copy of her will and a letter from the estate lawyers to show that this wasn't a loan that we'd need to pay back to someone...