Challenging Oregon Loan Situation - Who can make it happen?

Question

Hey! unique loan situation in Oregon. My brother and I co-founded a software company in January 2021 and sold it July 2021. Part of the purchase offer was to become a W2 employee at $200k a year. The catch, I only have two pay stubs and my past income was only W2 at $70K a year. I am only interested in getting approved with my $200K income (housing prices).  This would be to purchase an existing home. My brother was able to get a new construction loan (same exact situation) in Texas last week. I literally have an employment agreement and two pay stubs to qualify. Appreciate the help!

Trevor Reed · Answer

Should be fine.  You clearly have work experience in the same field and no gap in employment.  Offer letter (employment agreement and paystubs in hand (assuming the paystubs support the 200K) you should be fine. I am assuming you currently have less than 25% ownership in the software company that you are employed.  A mortgage broker license in Oregon should be able to make this happen I would assume.

Brad Hammond · Answer

Hi @Andrew Pearson.  This shouldn't be an issue.  Like @Grant Schroeder said, as long as you have 2 paystubs and can prove you have an agreement, there shouldn't be an issue.

Grant Schroeder · Answer

Hi @Andrew Pearson, is this purchase in Portland, OR? All that is needed is you two paystubs and the offer letter. We can even get approvals on conventional loans if your offer letter and WVOE show a start date of employment within 60 days following the close date of your purchase. You would be able to get approved at your $200k salary with a simple employment verification, no problem at all.

Challenging Oregon Loan Situation - Who can make it happen?

Most Popular Reply