How long do I requirement to be at my errand fr bonuses to count contained by my income for debt to income ratio on a mortgage?
My broker just called and said therew is a debt to income ratio problem on the final end. I did the math myself and it is because they aren't counting any of my bonuses into consideration. My bonuses contribute to more than half of my income. Will they rob a relook since my 1 year aniversery is next week atmy place of employment?
Answers:
you have to earn bonus income for two years. A lender will consider using bonus income if you hold a history of bonus income in the past. For example if you earn bonus at Factory A and you now work for the competition factory B then yes you can use a two year average. The long shot alternative is to have your loan officer ask the lender if they can use your bonus income but instead of dividing by 12 months, divided bonus income by 24 months.
Brian
Underwriter for 15 years.
good luck.
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Answers:
you have to earn bonus income for two years. A lender will consider using bonus income if you hold a history of bonus income in the past. For example if you earn bonus at Factory A and you now work for the competition factory B then yes you can use a two year average. The long shot alternative is to have your loan officer ask the lender if they can use your bonus income but instead of dividing by 12 months, divided bonus income by 24 months.
Brian
Underwriter for 15 years.
good luck.
Related Questions:
Can a mortgage lender pursue an owner explicitly not on mortgage for a not as much as set off?
I purchased a residential investment property in Florida with my former boss. The mortgage is contained by his name only but I am also on the work. He wants to let it dance to foreclosure....