Pay raise and obtaining a mortgage?
My husband just received a hefty pay raise and now we want to buy a house. Since he doesnt have a pay history with this new salary, can we use his new pay amount to get a mortgate? In other words, can we count the increase in pay especially with little documentation other than a letter from his boss stating the pay raise, in a conventional loan (not a low doc or no doc loan)? Thanks!
His pay raise is almost a 100% increase. Our lender said that that will raise too many red flags and probably wont accept it. We will have proof but he says that may not be enough for the underwriter. Is this true??