No Pay Stub? No Problem. Unconventional Mortgages Make A Comeback - Off Topic (Non Trade) - Contractor Talk

No Pay Stub? No Problem. Unconventional Mortgages Make A Comeback

 
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Old 01-23-2019, 08:56 PM   #1
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No Pay Stub? No Problem. Unconventional Mortgages Make A Comeback


But the nursing student who works part time providing home care for children and the elderly eventually hit pay dirt: For a roughly $610,000 home loan, a mortgage company let her verify her earnings with 12 months of bank statements and letters from clients.



https://www.wsj.com/articles/no-pay-...trending_now_2
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Old 01-23-2019, 10:18 PM   #2
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Re: No Pay Stub? No Problem. Unconventional Mortgages Make A Comeback


If she's got the bank statements, letters from clients and the income to back up the loan, how does a paystub make a difference?

Self-employed people usually have to provide bank statements and tax returns if they're not listed as an employee of the company/corporation...

The thing to watch is, if you're concerned about a repeat of the last crash, and/or a rise in unconventional mortgages, what are you doing during the good times to get ready for the next one?

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