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Good morning,
This FHA requirement has been around a LONG TIME. The fact your LO doesn’t know about it describes his lack of experience as a Loan Officer. He should have advised you at prequalification stage about this requirement.
The only thing to do is keep your Seller “in the loop” keep communicating and sit tight until you have your 30 days of paystubs in hand. You’ll probably need to update your bank statement to the current month, too, depending on the Lender’s requirements.
Sorry you had to find out “after the fact.” There’s too much of that going around in the mortgage biz.
Trevor Curran NMLS #40140
In May, I was offered and accepted a new position in South Carolina. During that time, I took a house hunting trip and applied for a mortgage. The bank assured me everything would be fine. My credit score is 799 and I have very little debt (car and student loan). We were supposed to close on 6/29. I supplied the lender with an official offer letter (salary, title, start date and no contingencies). However, they will not close until I provide 30 days of paystubs. I did apply for an FHA loan and the loan officer told me there was no way around this requirement. He also told me this is a new requirement he had never dealt with. The seller is stressed (she has had to postpone closing on her new house) as am I. I asked my LO if the pay stubs would have been an issue had I opted for a Conventional loan; he has ignored that question. Are there any lenders who will work with this situation differently than my current lender? My job is in the exact same field I have been in for ten years. My new position is at a higher level/larger salary than the one I left.
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