overtime wages for mortgage calculations

[gotitup]

Just curious if anyone knows if reported overtime pay is elligible income used in the DTI calculations when seeking a pre-qual, or pre-approval. It varies slightly from the past two years but adds a significant amount to the yearly gross. About $ 4,500. Gonna meet with a LO this week to see where I stand and begin the process. I'm hoping for the best case but can settle for any positive outcome. Thanks for your time and insight.

[BrianB_The_Loan_Professor]

If you can show it is consistent and you have a two year track record yes it can - we do it all the time

It will be averaged over the last two years Unless this year was lower - in that case they will use the most recent years numbers for the mortgage

Good Luck

Brian

[gotitup]

Great! That's a plus I can leverage when negotiating price range and with my fico's hovering in the mid 700's I hope to get a very low rate or at least second tier! Thank You!