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Scout-Penguin t1_iujiwd1 wrote

Reply to comment by sr71Girthbird in ‘The Only Reason We Got It Was That I Lied’ by King-of-New-York

What the hell kind of mortgage was that?

I have a jumbo loan where bonus income was accepted without a blink; and conforming loan standards allow commission or bonus income that's stable over a two year period.

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sr71Girthbird t1_iujoxyv wrote

Mine was jumbo as well, Citizen's Bank ended up not having an issue once I submitted that letter which essentially counted as written verification of income and employment, but a couple other lenders wouldn't even give pre-approval.

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Scout-Penguin t1_iujpodq wrote

Variability in underwriting standards is definitely a thing. I went with Wells Fargo and it definitely helped to have a mortgage banker that was prepared to go toe-to-toe with the risk/underwriting team at various points (I didn't have a "seasoned" credit file at the time I was looking to buy) but bonus income was not one of them for me.

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