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How Can I Prove Income if I just started this year?

I recently took a job (March of this year) making 280,000 prior to that I was a stay-at-home mother.    I will not have a tax return from previous years that show this income but I do have paystubs and a letter from my employer.

Is it possible to qualify for a mortgage based on this income?
  • October 02 2013 - Chicago
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Answers (19)

you will need 6 months back on the job when "reentering the work force".  I too have closed loans for college graduates 1 month out of college and now working but their degree is substituted for work experience unfortunately "stay at home mom" isn't a suitable substitute for work even though I can argue it is.  Hope that helps!!
  • November 12 2014
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If you use Conventional financing, you will need a minumum 30 day pay stub; if they are using an Automated Underwriting System, a 30 day pay stub and one to two years W2s will be required; your Lender will most likely require an explanation regarding the gap of employment.  If you are using FHA financing, you will need to be on your current job at least 6 months, you will need a signed letter of explanation regarding the gap of employment and a work history for 2 years prior to the gap of employment.  You will want to contact your Lender to see if there are additional requirements.
  • February 05 2014
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Most of the answers given were fairly correct.  However, going to a bank to get answers to mortgage questions is most likely not a good idea.  Bank loan officers are not licensed and the information they give pertains only to the bank they work for.  If their bank wants 2 years of tax returns, they will tell you that you have to have them to get a loan.  They won't mention that other banks may be able to do it.
  • February 05 2014
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If you were in school, a stay at home parent or even if you were working and then were unemployed but receiving unemployment compensation you should be able to qualify for a home mortgage.  Of course, there are other variables that go into the qualification process such as your credit score, DTI (debt-to-income) and % you want to put down, however, being a stay at home mother should NOT be a stumbling block to your home ownership.
  • January 26 2014
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Profile picture for AdelManuel
While you can definitely argue that being a stay-at-home parent is a job (and a hard one at that), the lender will need a 6 month history at your new job since you were out of the work force for the previous 2 years. Other than that, I see no issues with your income. Good luck. 
  • December 06 2013
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Call a few lenders. Do you need some names and numbers?
  • December 06 2013
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Many people can qualify for a mortgage without 2+ years of tax returns at that current income. Resident Doctors and new graduates can get a loan based on their future earnings. 

You won't know for sure until you speak with a lender and he/she can get a full grasp of your situation. [content removed by Zillow due spam.  Please refer to our Good Neighbor Policy for details.] 

Good luck! 
  • October 11 2013
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A 30 day paystub, and a verification of employment should be fine for this.  I recently closed a loan for an individual fresh out of college, and no previous work experience.  He was fine with his 30 day paystub and VOE.  

You will most likely need a letter of explanation on your part stating you were a stay at home mother as well.  If you want, you can send me an email at [email address removed by Zillow.  Please refer to our Good Neighbor Policy for details] and we can discuss this further, and look at getting you pre-approved.
  • October 08 2013
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You fit into the "gap in employment" guidelines:  You've been on your job for over 6 months.  If job is a salary (W-2) type position, you should be fine to use that income to qualify.  If your new job is contract or commission type work, then you are out of luck at present.

  • October 04 2013
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Profile picture for fv0
Unfortunately you will need to have filed income for 2 years to qualify for a mortgage. 
  • October 03 2013
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You should be able to have your company produce a letter stating your employment history with the company. Ask your lender for help as well.
  • October 03 2013
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If you have a letter of employment and pay stubs available to show a lender, this will give you a much better chance at obtaining a loan. It is also recommend to have money in reserves when applying for a loan. Lenders want to see that you have reserves for a "just in case" situation. There are a lot of variable that come in to play with you situation so I recommend you speak with a lender. There are lenders like myself that would be willing to speak with you to help you get the loan that you need.

Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me.

Good Luck!
  • October 02 2013
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Assuming it is w2 income and not contract work, yes you should absolutely be able to get a loan!
  • October 02 2013
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Your employer can provide you with copies of proof of employment, paystubs, and a letter you work there.  Ask for copies.  Sooner or later you will need copies so get the back copies now and start keeping new copies of income as it occurs. You bank may also have pictures of deposits or proof of automatic deposits from your employer.
  • October 02 2013
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Barb gave you a good answer though I suspect there is a typo in the 280,000....
  • October 02 2013
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Profile picture for Matt Laricy
Talk to a lender, but you will need paystubs, letter from employer, etc.
  • October 02 2013
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Yes. Generally, if you have been off work for a period of time raising kids, returning in the same line of work, you will only need to be on the job for 6 months.
  • October 02 2013
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My web site has some lender references. Give them a call and ask. The issue I think is have you worked long enough at that job for the salary to qualify.
  • October 02 2013
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Why on Earth don't you go to the bank where you probably have an account saving some of that income and ask their loan officer? Then you will actually get an answer you can count on?

tim
  • October 02 2013
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