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Help, mortgage gurus!
I am trying to figure out where they will put my husband's income when we app next month. Am I correct in figuring this out? Same play pan for 4 years now. Here it is:
He is paid a guarantee biweekly and it's called his "draw". This amount never changes and we refer to this as his salary because no matter what happens or how he performs he is always paid this.
He is paid commission on top of this and it makes up over 50% of his annual income. These are all W-2 reported.
He also receives a 1099 for additional money paid throughout the year. Maybe 13k last year and I think maybe 2k last year - I have to double check.
Should I simply take his last two years of W-2's and 1099's, add them up and divide by 24 to get his monthly income? Do I need to consider what he was paid from January 2013 through now or wil they probably not even look at that?
Thank you so much!!!!
Totally off topic but does anyone else feel like it's a full-time job just researching and getting ready for a mortgage and to buy a house? Oh my gosh. I'm beginning to feel like I should be punching in a time card every morning. It never seemed this much work when I bought my first house 15 years ago! Oh well, back to work!! lol
Ugh. Well, this REALLY sucks because I just pulled out the 2011 tax statements and I forgot that he had received a promotion mid 2011 so his income is much lower
He makes double that amount now and will continue to make double that amount. Does this severely hurt us? Is there any chance they will consider that factor?
I don't think we are going to be in the price range of house that we want now
Moving Forward - thanks for making me feel like I wasn't crazy. I was beginning think it was just me that seemed to be spending a mountain of time on this stuff! Wow, your story sounds like it's going to me! Well, hopefully it ends in a house also
My husband is going to apply alone. We are doing it this way because I haven't had income in two years (decided to quit and stay home with our youngest and how we have another one on the way! surprise! lol). We are also doing it that way because we don't have to include my credit card debt and student loans as expenses.
Total Income from the tax statements is as follows. I hope this posts right, if not I will go back and edit, just copying and pasting from a spreadsheet I put together.
2011 | 2012 | |
W-2 | $108,793.41 | $174,796.37 |
1099 | $13,710.72 | |
$110,804.41 | $190,519.09 |
We are going FHA. The price range is 349k, with 3.5% down, we would like to borrow the max $327,500.00
The average monthy income for January, February, and March 2013 has been about 12-13k total (including W-2 and 1099 income).
His reporting monthly debts are as follows:
Credit Cards | -$25.00 |
Ally Car Pymt | -$821.02 |
Student Loan | -$126.00 |
Child Support | -$1,900.00 |
I only put $25 credit card payment because we just paid them all down to drop our utillization down and boost his score. I assumed that we would keep one card with a small balance every month just for "reporting" purposes.
Any help would be so much very appreciated!!!!! We are really hoping to be in the 350k house range because this is our 6th child (and last!!!) and we really need the room. The cost of living where we are is unfortunately very high too