Posted on: 22nd Mar, 2007 09:56 am
hi, w are about to refinance and we just opened up a new buisness,only 2 months old. my wife works and i took a leave of absence since the business opened up to get it up and running. i work pt on the weekends with my regular job. they want my latest paystubs of course but it does not show full pay, it shows only what i made for the time i worked like 2 days a week. i am still employed by the county i work for and have sent in a job verificaion letter showing i still work for them and my pay rate.
my question is,will this be a problem refinancing and what can i do if it is?
my question is,will this be a problem refinancing and what can i do if it is?
As you have sent a job verification letter which shows your pay rate & you have just taken a temporary leave of absence, it should not create any problem in refinancing.
"I am still employed by the county I work for and have sent in a job verificaion letter showing I still work for them and my pay rate. "
I too agree. As it is just a temporary leave that you have taken and you are still have a regular job, it will not affect your plans of refinancing. Lenders look at stability of your job, which you do have.
I too agree. As it is just a temporary leave that you have taken and you are still have a regular job, it will not affect your plans of refinancing. Lenders look at stability of your job, which you do have.
"I am still employed by the county I work for and have sent in a job verificaion letter showing I still work for them and my pay rate.
My question is,will this be a problem refinancing and what can I do if it is?"
Most lenders will look for steady employment for the last 2 years with the same employer or employment in the same field of work. (and its been just 2 months, you have taken leave)..
My question is,will this be a problem refinancing and what can I do if it is?"
Most lenders will look for steady employment for the last 2 years with the same employer or employment in the same field of work. (and its been just 2 months, you have taken leave)..
Hi Stormchaser,
Welcome to the forums.
Lenders generally review the paystubs for the past 30 days and the W-2 forms for the past 2 years. I guess you can provide such documents. Moreover, if you have been employed for the past 2 years, and can provide information on social security allowance and extra income, you may not have problems in qualifying for the loan.
Your latest stubs may not show full income but you can request the company to give it in writing that you are on a leave and are working only for 2 days a week. You can show this copy to the lenders you will visit.
As you are still employed with the company, I hope your recent paystubs won't create much of a problem; after all, when you leave is over, you will be working full time again.
Thanks,
Sara
Welcome to the forums.
Lenders generally review the paystubs for the past 30 days and the W-2 forms for the past 2 years. I guess you can provide such documents. Moreover, if you have been employed for the past 2 years, and can provide information on social security allowance and extra income, you may not have problems in qualifying for the loan.
Your latest stubs may not show full income but you can request the company to give it in writing that you are on a leave and are working only for 2 days a week. You can show this copy to the lenders you will visit.
As you are still employed with the company, I hope your recent paystubs won't create much of a problem; after all, when you leave is over, you will be working full time again.
Thanks,
Sara
I think you have taken the right step by sending a letter stating that you will still work with them.
You should have got the letter signed by your company officials. That would have been a good proof of your continuation in employment.
You should have got the letter signed by your company officials. That would have been a good proof of your continuation in employment.