Pay Stub Form – Buying Your Dream House Today
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Given the current state of our economy and the number of foreclosures, you might think that it would be all but impossible to obtain a mortgage to buy a house. While it is true that banks are much less willing to provide mortgages and loans than they have been in the past, this does not mean you cannot get a loan as long as you are well qualified. This is due in part to the fact that banks are now sitting on more foreclosed property than they have had to deal with. As long as you have decent credit and can provide a pays stub form to verify your income you should still be able to buy a house.
As with any type of loan you are going to have to be able to provide proof of your income to the loan officer. When you work for an employer this should not be a problem as you will get a pay stub form along with every paycheck or direct deposit pay check you get. This form will show how many hours you have worked and what you are being paid for each hour. This will be added together to show your gross pay for your pay period.
After the gross pay is shown the form should then list all of your deductions including taxes and items like health insurance co payments leaving you with a net pay at the bottom. This figure should match the amount on your paycheck or direct deposit notification. If it does not you need to speak to someone in your payroll department.
It is the net pay figure on your pay stub form that the loan officer is going to be interested in as this is the amount of money you receive each pay period that you can use to pay your bills. While banks are not as willing as they once were to loan money, it is one of the biggest ways that they have to make money. If they are not lending money out, they are not making money and as such if you can provide proof of adequate income and have a relatively good credit score you may find that it is not as hard as you think to secure a mortgage.
You may be asked to provide more proof than your pay stub form including several years worth of W-2 forms to show that your income is stable, you are going to need to have a down payment as well. The lower your credit score is the more you are going to have to have for a down payment. For those who are self employed you can produce your own pay stub form showing this information in order to have the same opportunity to secure a mortgage.