Forgotten Your Password?

Need to Register?

Question Icon

If I recently got a promotion at work, will that new income amount be used to qualify, or do I have to have 2 years at that new income?

by kelcie828 from Ordway, Colorado. Mar 8th 2016 Reply


David Hosterman NMLS 220562 (dhosterman)
#12 ranked lender in Colorado - 26 contributions

This is very dependent upon which type of loan you are doing. Do you know if you would be doing a conventional loan or a government loan. Thanks!

Mar 8th 2016
1
0
Jessica Aumont (jezzyaumont)
#109 ranked lender in Colorado - 8 contributions

If you are a W-2 employee, your new income will count towards your qualification.

Mar 8th 2016
1
0
Nick Bebout (NickBebout)
#100 ranked lender in Colorado - 30 contributions

The answer is most likely yes, you would qualify using your new income. However, you must have been in the same of line of work for the past 2 years. There are several factors, but you will most likely be able to use that income. I would be happy to discuss it with you. Nick Bebout - American Liberty Mortgage - 303-407-0847

Mar 8th 2016
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,626 contributions

More info needed.. if you promotion comes with a higher salary or hourly wage, then yes.. it can be used for qualifying purposes.. however bonuses or commissions must be received for 2 years in order for them to be considered.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 8th 2016
1
0
Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

Some lender will need to see a recent paycheck stub in order to use new income. They may hold you to past income, just depending on the lender and the loan type.

Mar 9th 2016
0
0
Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

If you are hourly or salary, we can use that new income right away. Bonuses and commission may require a two year history.

Mar 9th 2016
0
0
Subscribe to our news feed.