Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

How Much Do You Really Make?

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Recently, I have had clients who are hourly wage earners and new to their current job. I decided that maybe touching on the subject of regular wage earning income documentation might be appropriate to discuss. Underwriting guidelines require a two year job history. If you have a set salary then we simply divide that number by 12 to determine your monthly income. If you get paid an hourly wage, we ask for verification of hours worked. This is so that we may determine your monthly income based on current pay and average hours worked.
If the hours you work in a week can be verified via pay stubs and those hours are constant week after week, then we will take your current hourly pay and your set number of hours to determine your monthly income. On the other hand, if your hours fluctuate from week to week, then we will need to collect information from your employer to determine your average hours worked in a week. From there we can once again determine and verify your average monthly income for the past two years.
If there have been job changes during the past two years, we will verify a few things, such as, if you are making a lateral move or if you are moving to improve your position. It is important for you to stay in the same/similar line of work or that you at least have experience/education in that job line and the experience/education must be documented. Some people have obtained the training/education for a specific job, but work a job that doesn’t correlate until a position is open. If you change employers we are required to show 30 days of income on your new pay stubs.
There are different stipulations for commission, bonus and overtime income. These types of income will be averaged over the past two year because it is income that is based on performance. This will be verified with your current employer that it is likely to continue.
Above all else you should speak to your lender and be forthcoming with them. They will ask you for all of this documentation. We want to get you the best loan possible. If you have any questions or comments please feel to email me at Ingrid.quinn@cobaltmortgage.com or visit me at http://www.Scottsdalemortgageexpert.com or http://www.cobaltmortgage.com/ingridquinn.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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