first timer applying for a mortgage, will i qualify?

[Anonymous]

i'm going to be a first time home buyer.  i haven't applied to be pre approved for a mortgage or talked to a realtor.  one of my first steps was checking my FICO.

my credit score is 800, zero credit card bills and a $247/month car loan started 12 months ago (i'm not bragging, it took me years to be able to type that!).  i have $30k in cash saved up and i'm looking to buy a $350k house (350k-30k=320k mortgage). 

my question is with income.  my gross income TOTALS are
2008: $103k
2009: $90k
2010: $84k
2011: i'm on pace to make $110k

my question is will the calculations for monthly income be based on total YEARLY income divided by months, or BASE SALARY divided by months.  My base this year is $70k, with the balance of $39k coming from bonuses & OT.   will i only be offered a lesser amount mortgage based off of my base salary only?   knowing that 35% of my income comes from OT and bonuses, that would suck....

also side note, i'll have been paid $30k USD equivilant in korean won in 2011 (in addition to the $110k USD, i'm currently in korea on assignment).  will this be a factor at all when I apply for a mortgage?

thanks for your help sorry for the long question!

[ShanetheMortgageMan]

Your current $70k base salary would be able to qualify, along with a 24 month average of bonus income, and a 24 month average of OT income.  They are all looked at individually.  Unless 2011's is all OT, and 2010's was all bonus, and 2009's was all OT (so you haven't made both each bonus income & OT income two consecutive years in a row) then it appears that a 24 month average of your OT & bonus income would put your total employment income at a level that would be fine to qualify for a $350k home (unless property tax rates are super high - like 2.5 to -3%).

As far as the extra $30k USD in KRW, as long as it is claimed on the tax returns, and can be documented that it'd continue for the next 3 years, then it should also be able to qualify.