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Can PRN income for a nurse be used to qualify for a loan?

I have paystubs to document I worked 64 hrs for 2 consecutive bi-weekly pay periods as a PRN nurse.  Will this income be acceptable for qualifying for a refinance without getting a VOE from HR?  
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January 05 2011 - US
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Answers (4)

Profile picture for zuser20140411224459882
Prn means she is a nurse that works "as needed" not nurse practitioner.  And I also am a prn nurse, so as long as ur employment verification says u average that u should be fine.  but whatever ur hours r when u get preapproved must at least be the same when u go for final approval or u will be S.O.L. thats what happened to me. I threw away $1000 due some bad info from my mortgage lender. So be careful. Work consistant hiura at the one job and u should be fine
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April 20
The only way to use your nurse practioner income of 64 hours is if your customary hours worked was the same for the past 2 years, or a letter from your employer indicating your new base pay is 64 hours per pay period.  If that is not the case, we would need to avergage your last 2 year income -  Looking at your W-2's and 1040's and that is what we would use.
In today's day and age, a Verification of Employment is always done.
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January 05 2011
Hello,
As stated, a VOE will be required. In most cases and underwriter will calculate your income using a 2 year average (2009 & 2010). Your YTD income at time of closing should be on track or better with that average.

If by chance you are paid via 1099 (as opposed to W-2) additional income documentation and income calculation methods will then be requried.
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January 05 2011
Most, if not all, underwriters will require a written verification of employment if they are using overtime to qualify you for a refinance.  Also, they will want to know how you long you have received overtime and the likelihood it will continue. 
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January 05 2011
 
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