Profile picture for Dannee143

When lenders look at your paystub???

Ok lets say annual gross (we live in NJ) is 89,000.
On the paystub there is a weekly deduction of $125.00 for medical and $50.00 per week towards IRA....how does this come in play??
Do lenders look at this as a debt?
If you need any more information please let me know..and thank you!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2011 - Millington
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Best Answer
Lender's also look at the paystub to see if there is any court-ordered payments (i.e. judgments, alimony, child support).

Voluntary Expenses (medical insurance, dental and vision plans) are not necessarily considered debt. An obligation is something that is considered debt and most obligation's that are considered debt and included in your ratios are on the credit report the big exceptions being payments made for spousal support, child support, and payment plan for IRS obligations.

Lender's do not qualify on net pay it is your gross pay/salary that you are qualified on. If you have bonus, overtime, or commission income that is generally verfied through a verification of income and they look at whether or not it is stable and likely to continue as well as average it over two years (unless it has been declining)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2011
I always suggest that financial issues are too personal and complex to discuss in this forum.  Visit with a lender and that way you will know your approval range.  The best of luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2011

Lenders look at your paystub to verify income. It is my understanding they look at net pay but this would be a question for your lender when you are submitting your financials for review.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2011
 
Related Questions
Child Support Deduction
Profile picture for Dannee143
Latest answer by Dannee143
October 20 2011 | 7 answers
When lenders look at your paystub???
Profile picture for Thomas Hall
Latest answer by Thomas Hall
October 20 2011 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 4770 Hallbrook Dr, Millington, TN Home For Sale
    4770 Hallbrook Dr, Millington, TN 38053

     For Sale: $159,900

    • Beds: 4
    • Sqft: 2740
    • Baths: 2.0
    • Lot: 25264
  2. 76 Hummingbird Loop, Atoka, TN Home For Sale
    76 Hummingbird Loop, Atoka, TN 38004

     For Sale: $202,400

    • Beds: 3
    • Sqft: 2200
    • Baths: 2.0
    • Lot: 14810
  3. 6824 Northknoll Ave, Millington, TN Home For Sale
    6824 Northknoll Ave, Millington, TN 38053

     For Sale: $44,900

    • Beds: 3
    • Sqft: 1040
    • Baths: 2.0
    • Lot: 7405