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We are in the process of trying to qualify for a mortgage loan. Myself and DH have been on our jobs for over 11 years, but his income is a concern of mines. His job issues two checks to him weekly; one for regular pay and another for over time. As a part of his job he has to work over 40 hours a week, but they issue anything over that on a separate check. Well we run into a issue with this?
You shouldn't ....
You should be able to claim salary (40 hours) than for anything over, you put in the "Other Income" He has a "guaranteed" amount, and a "non-guaranteed" amount.
Assuming your combined salaries are well within the lending threshold, you should be fine
As lenders, we don't really care as much about the checks as we do about the history. In your example, 11 years is a lot of history and your approval should take about 15 minutes to go from hello to a preliminary approval.
Hourly is a little different than salary, but yes, you should be fine. Roughly, without doing your acutal qualification, your income should total something like that "main check" plus a two year average of what that overtime totals.
Thanks for responding.