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Can I Qualify for a home without Paystubs?

Hello, I have been babysitting and have not had any real paychecks, only checks that I have cashed. It show on my bank account with the deposits. I recently got my greencard and can now have my employer issue me regular paychecks with taxes taken out. We have $50K we can put down as down payment. WIll I be able to qualify for a mortgage on a say $300K home in Orange without a regular paystub? If not, how long before I can use my new paychecks as stubs?What other options do I have? by Ileana_412_345 from Stanton, California. Mar 5th 2012 Reply


Dr. Shab Kavandi (skavandi)
#471 ranked lender in California - 53 contributions

Hello Ileana:In order to find out if we can pre-qualify you for a purchase loan I need to have more details about your situation! You can reach me at 1-714-639-6694 for your free no obligation consultations to discuss your situation! Or you can stop by at our office we are located in city of Orange! Shab KavandiAmerican Select Funding, Inc.

Mar 5th 2012
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Kevin Walton (kwalton)
#462 ranked lender in California - 5 contributions

Hello Ileana, your income unfortunately would not be able to be used, you would have to get two years worth of employment in your same line of work in order for your stubs to be used. Bank statement loans are hard to find these days but there may be a lender out there who may accept bank statements in lieu of a paystub. The interest rate and fees would be much higher and more than likely a 20% down payment or more would be needed. Best of luck to you. http://www.CaliforniaRealEstateLoanShop.com

Mar 5th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

In today's lending world, all income that a lender can use must be documented. In addition, the income must be from at least the last two years. There are several different ways to do this. The most common is to provide copies of your W2 forms and paystubs. But because there are many individuals who do not receive paystubs, we could then look to your income tax returns. Any income reported, even if not supported by a W2 can be used. Anything earnings not reported on a tax return cannot be used to qualify someone for a loan. Exceptions would include Social Security payments or Pension payouts, etc. The best way to find out if your income is sufficient would be to work with a local Mortgage Banker/Broker. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 5th 2012
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Jack Suddarth (jack@equitywavelending.com)
#450 ranked lender in California - 3 contributions

Yes Equity Wave Lending has a bank statemnrt program that allows you to qualify as full documentation on your primary residence.Please call Jack 949 252-0025 X 102 or go to our Request-A-Quote at http://www.equitywavelending.com/forms/request-a-quote.pdfIt's a 30 year fixed with no prepay. You will need to put at least 35% down. You can also have the seller pay to buy the rate down. This is not a hard money loan.

Mar 5th 2012
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