topic Re: Calculating income in Mortgage Loans

Calculating income

laronda134 — Thu, 04 Oct 2012 04:18:50 GMT

The way income is calculated is going to very important on getting my loan approved. I am a w-2 employee been with the same company over 4 years, 8 years in the same field. I make 31/hr but I get a 18% differential during the week and 31% differential on the weekends and work a schedule of 84 hours bi weekly. In 2011 I made 72000, and in 2010 60000 (more money due to plan change in late 2010), I am on track to make 84000 this year. Can anyone tell me how this will be calculated. This will be my second home (havent sold the one I am in yet). I can refinance my cars if needed or even trade, just trying to get a general idea.

Re: Calculating income

gbishere — Thu, 04 Oct 2012 11:46:21 GMT

I believe its no big deal as they just take the average of your paycheck every 2 weeks because of the differential. they can only do this when you have been working for a bit and sounds like you have. good luck.

Re: Calculating income

laronda134 — Thu, 04 Oct 2012 12:54:50 GMT

That is what I was hoping. They said they would seen something to my job if they needed to for clarification. I asked the lady in human resources about this and she stated that they verify, but do not put the differentials or the overtime down. This worries me some..

Re: Calculating income

gbishere — Thu, 04 Oct 2012 13:09:09 GMT

yeah well i believe they still calculate it in somehow because they only take your base pay if you are a new nurse without that many w2s to show the extra income

Re: Calculating income

jtc411 — Thu, 04 Oct 2012 17:52:09 GMT

When you are a fulltime employee they will look at your last 2 paycheck stubs and look at your YTD and project the rest of the year. Every lender is going to have a slightly different calculation as some may consider the shift differential, but in my experience they ONLY will look at you guaranteed base. Best bet is to get ahold of a lender/broker and get preapproved

Re: Calculating income

laronda134 — Thu, 04 Oct 2012 18:00:47 GMT

I already did. My information is currently with the processor. I am waiting on an update. All of my income is guarenteed. Overtime and all.