cancel
Showing results for 
Search instead for 
Did you mean: 

Question on how income in counted in this type of situation...

tag
Anonymous
Not applicable

Question on how income in counted in this type of situation...

I am a teacher and gross about 50,000 which is paid in 26 equal installments including over the summer. However, during the school year and over the summer, I make another 6,000-7,000 for various reasons like professional development, teaching summer school, writing curriculum, extra duty, tutoring after school, running clubs, ect.   I have three years of tax returns to back this up.  So, during the school year, a LO might look at my last three pay stubs and not see that extra money reflecting because I just didn't do it those weeks. Or they might look at last three and see tons of extra money. It is just so dependent on which three pay stubs it is..  But this extra money could really help in the total process so what they want to document this extra income. I know that there is always extra money to be made in my county but a LO would not know that. So how would a LO document this and what documentation from me would they want?
 
Also, I worked in one district for 9 years. Last year I move 200 miles to be closer to family after divorce. Quit that district for ending contract date of June 2007 and had another contract signed before the end of that contract to start new district Aug 2007  when school started(remember I still had money coming in from old district over the summer). Basically same income abd responsibilities.
Would they overlook the 2 year thing or is this going to hurt me?
Message 1 of 2
1 REPLY 1
ShanetheMortgageMan
Super Contributor

Re: Question on how income in counted in this type of situation...

Your current salary will be used + an average of any extra cirriculum for the past 2 years.  They would request a VOE form to be completed by your employers and the income would be calculated from that worksheet.  A sample of the VOE form can be found at https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1005.pdf
 
So if your base salary is $50k and you made an extra $10k in 2008 & an extra $6k in 2007... the income would be calculated as $50k + (($10k + $6k) / 2)) = $58k.


Message Edited by ShanetheMortgageMan on 07-27-2008 12:04 PM
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.