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Bonus Income Rules

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agekeith22
Valued Member

Bonus Income Rules

I have received some information from my mortgage broker that I am not confident in so I am hoping to get clarification here.  I was preapproved for a home valued at $435k, I am putting 10% down and going with a piggyback loan of 80/10.  The 80 portion being 30 year and the 10 portion 20 year.  The house is a new build with a closing of April 2015.

 

My my current income is as follows:

Base Salary. $110,900 per year

Bonus avg of last two years. $20,000 per year

 

The above is what was used for my pre-approval.

 

I have received another job offer with a base income of $120,000 per year plus a 15% bonus.

 

My mortgage broker assured me that he would be able to count the bonus income of the new job even though I will not be paid the bonus until the end of 2015.  He said he can do this because the pay structure is identical to that of my current job (base salary plus x% bonus).  I am skeptical and really need the bonus income counted to qualify for this house.  I live in a high property tax area, tax and insurance will most likely be 1200-1300 per MONTH!  

 

Can anyone give me clarification on this?  

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: Bonus Income Rules

As long as the job is in the same field and you have provable bonus income for the previous 2 years and identical pay structure. I don't think you'll have a problem.
Message 2 of 3
Anonymous
Not applicable

Re: Bonus Income Rules

It's up to the underwriter. The underwriter may ask that you provide documentation that proves your pay structure (salary plus 15% bonus). Companies have been known to reduce or not pay out bonuses.

Message 3 of 3
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