AI Legalese Decoder: A Game-Changer for Using Reserve Mobilization Pay as Proof of Income for Housing Loans
- April 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Using Pay Stubs and Per Diem on Mobilization as Proof of Income
Is it possible to use your pay stubs and per diem on mobilization as proof of income when applying for a mortgage? This is a common dilemma for individuals in the military who make significantly more money on mobilization than they do in their civilian jobs.
When you and your wife are looking to buy a house, it’s important to accurately represent your income to qualify for a mortgage. This can be tricky when your income fluctuates due to mobilization benefits such as per diem and BAH.
The AI Legalese Decoder can help navigate the complexities of using your mobilization pay as proof of income. By analyzing your pay stubs and other financial documents, the AI tool can provide insights on how to best present your income to lenders.
If you’re struggling to get a straight answer from your CFS (Career and Financial Services), the AI Legalese Decoder can offer clarity and guidance on how to proceed with your mortgage application. Don’t hesitate to leverage this tool to ensure a smooth and successful home buying process.
Thank you for your question and best of luck with purchasing your new home!
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AI Legalese Decoder: Simplifying Legal Jargon
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That would be up to your lender. I’d assume that most lenders wouldn’t because it’s known to be temporary. Per Diem is definitely not income; it’s an expense reimbursement.
At the very least, it seems unethical.
In my experience, lenders will continue checking in on your income and credit during the whole home-buying process, so the temporary and sporadic nature wouldn’t be considered or wouldn’t be particularly useful to your goal.
Stick with reliable and consistent pay, but mention other income so they can still take it into consideration with their calculations of affordability
Not only is it unlikely, but why in the world would you want to be approved for something you can’t afford? If you don’t make that money normally, don’t try and claim you do.