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Calculating income

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Regular Contributor

Calculating income

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. 

Message 1 of 6
5 REPLIES
Established Contributor

Re: Calculating income

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.

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Message 2 of 6
Regular Contributor

Re: Calculating income

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..

Message 3 of 6
Established Contributor

Re: Calculating income

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

__________________________
01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Message 4 of 6
Regular Contributor

Re: Calculating income

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


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Message 5 of 6
Regular Contributor

Re: Calculating income

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.

Message 6 of 6