Does NACA use W2s or current income for qualification amount

Home Forums Purchase Program Does NACA use W2s or current income for qualification amount

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  • #48777

    I’ve read through the forum and I see conflicting information regarding what is used to determine the qualification amount. I received a promotion in January (with the same company of 6 years) that increased my annual income by 9K. Will my qualification amount be based off of 2018s tax returns or off of my current salary amount (my new promotion)? Thanks in advance for answering this question!

    #48780

    They will require both but they go off of your current income.

    #48787
    Peapod0609
    Member

    They do look at both. I believe for your new income to be taken into consideration you should be good if that happened in January. This is from Tim Trumble on a post from September:

    “If possible, obtain a letter from your employer stating the salary increase (or whatever written notice you received of the raise). Submit that and 30 days of pay-stubs and you should be able to re-qualify based on the new income figure.”

    #48793

    @NewlywedHomebuyers @Peapod0609 Many thanks for your response! This will allow me to qualify for more house!!

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