One of the major compensating factors in a underwritters decision on loan is the borrowers ability to repay the note. With a decrease in income your mortgage ratio’s my still fit certain guidelines for mortgage qualification. Or they may not.
Those ratio’s are determined by first, dividing your income (your monthly gross salary) by your proposed monthly mortgage payment. This represents your top ratio. Second, dividing your monthly gross income by the addition of your monthly credit card debt and your proposed monthly mortgage payment. For your sake I hope the pay cut has not cancelled your loan. Good luck!