Paystubs may jeopardize everything
Hi! My husband started a new job in March as a Project Manager in a construction company which provided regular paystubs until May. Since May no paystubs have been generated, but his net pay has been wired to him as usual biweekly. When he realized he had no paystubs coming through on his payroll app, he inquired with HR who said they’re working on a backlog of generating pay stubs and will get things over soon. My husband explained the need for them for our future loan and they said they would possibly just generate his paystubs due to the situation of home buying and they’d let him know. It’s been a week and he still does not have them.
It looks like our offer may get accepted in the next few days on a home for which we are putting roughly 70% down and need a loan of about 450k. 30 year conventional loan. We have a desktop underwritten preapproval from Chase and the LO have assured me we can close in even 10 days because our file is so solid. I did provide the paystubs during our preapproval, but now they are over a month old.
I’m assuming underwriting will ask for updated pay stubs during escrow. They can verify employment with his employer, we have bank statements showing the wire amount but it seems like a weird situation with the employer being backlogged on stubs and not terribly enthusiastic on sending the ones for the last 2 months. I don’t want to rock the boat with the employer and have my husband get fired (I know this is all their fault and it’s his right to have his stubs- just thinking ahead). But they could decide he’s causing trouble and fire him. How screwed are we? Will underwriters typically accept these other avenues of verifying employment?
Bonus question- we have a 10 day loan contingency, is it possible underwriting asks for stubs past this date and things blow up and we lose our deposit?
I will be contacting our LO tomorrow just stressing out in the meantime.