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Regular Contributor
Posts: 143
Registered: ‎12-05-2007
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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. 

Established Contributor
Posts: 736
Registered: ‎07-07-2010
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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.

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Regular Contributor
Posts: 143
Registered: ‎12-05-2007
0

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..

Established Contributor
Posts: 736
Registered: ‎07-07-2010
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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

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01/11/2011: FICO:TU: 746
12/14/2010: FICO:EQ: 744
08/12/2011: FICO:EXP: 766
Regular Contributor
Posts: 169
Registered: ‎03-29-2012
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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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Regular Contributor
Posts: 143
Registered: ‎12-05-2007
0

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.

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