Overtime to make a 40 hour week?? Underwriter..

[blahblahblaj]

 I have been a firefighter for 6 years now but recently changed from the government to a private company 7 months ago and had a SUBSTANTIAL pay increase (3x more). My job is still Fire related only now I am in fire prevention vs. fire suppression. I have been told by the lender that is fine and they used my current base income for the pre-approval. Well now that we were approved for much more than we care to spend we have found a home and decided to offer on it. It is less than what we were approved for but slighlty more than what my last two years taxes would qualify us for based on my previous job with the Gov.. What does this have to do with my topic question? When it rains I dont work! Period. I am a Fire patrol for an electrical company that installs HV power lines for Edison. Jan-Feb is the ONLY time it rains in SoCal! Prior to Jan. I was working 60-80 hours a week and now I barely scraped 40 in two of my paychecks recently but have been re-assured that this happens every year about this time then my hours go right back through the roof in March. My concern is now that we have found a home at the WORST possible time EVER to prove income what is going to happen?? How will the underwriter view this since they only ask for the prior month of pay stubs? Also those two paychecks had overtime to even get to 40 because I only worked 4 10hr days that week, how will they view that? 

[OilFieldEngineer]

I am going through the same thing I am a field engineer and I work primarily overseas. Not only is the lender not allowing all of my overtime they are not allowing any overseas markup based on location to be used to compute my income for basis of repayment. Bad thing is the LO said it was not an issue now I am in underwriting and getting my tail kicked. Personally I am fixing to seek out another lender. It really is based on the lender. I would think they would take an average of your last two years and us that for qualification purposes and to factor your average overtime as the LO did prior to my loan going into underwriting then compute out what the "average monthly income" was for basis of DTI.

Don't really know what the write answer is to this one can only tell you what I am going through at the moment. 

[JM-AM]

Its really a catch 22.

Depending on UW.

Making the assumption you get paid hourly. Your hourly wage will be on your pay stubs. Your VOE will also dictate how much you make.

Many industries have slow periods, and that is taken into consideration. Most likely will only require a LOE but still UW discretion. Go over your situation with LO or Broker and see what their thoughts are. They more then likely have run into this numerous times and know how the UW's review your situation.

In my opinion nothing to worry about with any one I deal with. But sometimes you do have to jump through a few more hoops.