Overtime

Anonymous — Fri, 17 Jun 2011 13:22:26 GMT

Does anyone know how overtime is calculated? My LO had my Human Resource department fill our a VOE regarding OT and I was wondering how that is added into how income.

Re: Overtime

Anonymous — Fri, 17 Jun 2011 19:34:20 GMT

@Anonymous wrote:
Does anyone know how overtime is calculated? My LO had my Human Resource department fill our a VOE regarding OT and I was wondering how that is added into how income.

It depends how they wrote up the VOE. If overtime is consistent and how many hours per week. If they are not consistent then they will just use your normal wages from your last few years and average them out.

In my opinion I wouldn't worry too much about the overtime unless you need it to qualify for the amount of loan you are seeking for the simple reason overtime is never a guaranteed thing and I wouldn't want to personally put my self in debt for some thing I may not be able to afford.

Good Luck and hope you are approved.

Re: Overtime

DallasLoanGuy — Fri, 17 Jun 2011 23:37:26 GMT

we average last 2yrs overtime income.

and you MUST have been getting it for 2yrs minimum

topic Re: Overtime in Mortgage Loans

Overtime

Re: Overtime

Re: Overtime