This very issue came up with a client last month and we were able to close that one with just one partial paystub in the file. This option worked fine for this transaction but while we were working that out I checked with some of our other lenders (as a mortgage broker we aren’t stuck with just one answer from one underwriter!)
……..Best answer I found is being able to close after just one day on the job……
That can work well for a lot of our clients. Here’s what we would need to show:
1. Employment contract signed by the employer and the employee showing the start date, job description and salary
(probationary periods or non-salary or commission income can raise problems)
2. Verification of employment confirming the borrower’s terms of employment.
3. Then a verbal verification on the first day of work that the borrower has actually started the job.
This scenario is for conventional, conforming financing only and of course is subject to all the normal credit approvals and review.
Send a client to us and don’t wait for all those paystubs...... :)