My MC reported we was denided by underwriting because they want us to submit 1 years worth of paycheck stubs and bank statement. Has anyone else experienced this and why do they need 1 years worth of paycheck stubs when we had to turn in 2 years worth of IRS transcripts.
Paystubs and tax returns/transcripts can actually tell very different stories when it comes to income and cash flow. That having been said, I have never heard of a request for a year’s worth of paystubs and wonder if something was miscommunicated somehow. A year’s worth of bank statements is standard in some cases, especially self-employed or employees who receive a 1099 instead of a W-2 at the end of the year.
Check back with your counselor to make sure everything has been clearly understood.