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Originally Posted by llwhiteoutll
What has been the biggest change in terms of documentation required? Is the documentation different on a renewal vs a new application with 20%+ down vs an application with less than 20% down?
When I got my mortgage back in 2016, I basically gave the bank a letter from my employer saying I actually did have a job, my last three pay stubs (that were clearly loaded with overtime and LOA payments) and let them run a credit report.
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Probably not a ton has changed since 2016, aside from the stress tests. I will say though that anytime overtime is included, lenders will now need a full 2-year average of it in order to use it. Can't be used for someone who has less than 2 years with that employer. Same goes for bonuses, etc.