Paystub Woes: A Horror Story
Numbers
Loan Type: Conventional Purchase Loan
Program: 30-Year Fixed
Loan Amount: $232,000
Sales Price: $290,000
Rate: 5.99%
Down Payment: 20%
Estimated Loan Payment: $1,390.81
Background
Tam was a referral from his brother-in-law which Vantage helped purchase three houses for previously. This, however, would be Tam’s first purchase.
Client Requirements
The requirements for the loan program was to provide documented taxable income as well as a credit score over 700 for the loan Tam wanted.
Loan Challenges
Tam worked for his brother-in-law for over two years. However, the brother-in-law had shut down the business that Tam was working for and transitioned the company into an S-corp under a different name. Tam’s paystubs had two different business names on them. Therefore, Vantage worked with the company’s CPA to draft a letter declaring that the two companies were in fact the same and document that the businesses had the same owner and continued the same line of work and industry.
The Results
Vantage was successful in crossing the bridge and also kept the same program and rate, allowing Tam to complete his purchase.
The Vantage Advantage
When others would simply waiver and not be able to figure out a workaround regarding the different companies on the paystubs, Vantage was able to use past experience with similar situations to get the job done.
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