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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
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accidentally lied during the preapproval - will it hurt me?
DH and I got a preapproval letter last week but i just realized i accidentally gave the bank some incorrect information (i told them DH makes a base salary even though he only gets commission with a "cash advance" sort of thing). I know that without that base salary, we would definitely not be approved.
Now that we're ready to buy this house and move forward with the mortgage application, are we going to have issues getting the loan or will the bank find a way to help us out and give us the loan anyhow?
Will the bank even know that i accidentally lied to them?
Thanks.
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Posted 6/15/12 9:07 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: accidentally lied during the preapproval - will it hurt me?
When it's time to supply the bank with months worth of pay stubs, they may catch you there and deny you.
Message edited 6/15/2012 9:35:14 AM.
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| Posted 6/15/12 9:33 AM |
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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
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Re: accidentally lied during the preapproval - will it hurt me?
Posted by Bradley & Parker, Inc
When it's time to supply the bank with months worth of pay stubs, they may catch you there and deny you.
That's what i'm afraid of 
DH receives a paycheck every week (which is why i was so confused) and then one at the end of the month for the "extra" commission he made that month.
uch, it's times like this when i hate DH's job 
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| Posted 6/15/12 9:40 AM |
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Re: accidentally lied during the preapproval - will it hurt me?
Well is the "salary" based check the same pay, and would it be enough to cover a mtge? Are the commision checks all over the place or are they around the same amount?
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| Posted 6/15/12 9:56 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: accidentally lied during the preapproval - will it hurt me?
A full mortgage application requires 2 years tax returns and 2 months recent pay stubbs. (at least it used to)
I wouldn't be so concerned with the lying part. If the income is consistent throughout and the stubbs show W2 income and you meet the income/debt ratios with good credit you will still qualify for a mortgage.
Inadvertent misrepresentation is not the end of the world. See what happens.
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| Posted 6/15/12 10:05 AM |
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jams92
Member since 1/12 6105 total posts
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Re: accidentally lied during the preapproval - will it hurt me?
we got pre-approved and they needed 2 recent pay stubs and 2 recent tax returns in order to approve us. did you not need to submit that yet? if not, they will definitely ask you for that at some point
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| Posted 6/15/12 10:09 AM |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: accidentally lied during the preapproval - will it hurt me?
The bank will know everything and ask for every document available to you. DH and I recently bought our first home and gave them everything except blood and my first born lol.
The loan is only DH's name but he/we had to give:
* 2 years tax returns
* almost a year's worth of pay stubs
* almost 2 years worth of rent checks
* a letter stating when we started renting and the fact that we were living with our parents before then
* proof of our $27.36 rent increase,
* saving/checking/401k statements.
We did a conventional loan with 10% down through Wells Fargo.
Once you give them all your documentation they can see the flow of income and see that it's not a steady flow and start to ask questions. I'd call your bank before you do anything else and give them the details. Most likely they can get back to you that day with any new information.
HTH
Message edited 6/15/2012 12:15:05 PM.
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| Posted 6/15/12 12:13 PM |
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