Originally Posted by
rswitz
Thanks for the info. Second part to my question - do any of you who've bought houses know if mortgage lenders only go by minimum guarantee, or do they average your monthly income?
So if I'm making 80 bucks an hour, my minimum salary is roughly 70k. But if I earn far more than that, will the bank factor that in?
I've done several mortgages and only had to explain our pay system once. One lady couldn't get past that I wasn't a part time employee since I wasn't paid 40 hours a week. Still got the loan but she was frustrating to deal with. Typically, they've just asked for several years of tax returns and a month or two of paystubs and there haven't been any issues. As a veteran I've used NavyFCU without many issues.