Can you use overtime income toward a home loan?

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Mortgage and Lending NMLS #371291

Can you use overtime income toward a home loan?

I was recently working with pre-qualifying a client and as we were speaking about his income for the last couple of years it was apparent that his income for last year was much higher than the prior year.  I asked him why this was and he proceeded to tell me that his employer started paying him overtime last year.

Pop Quiz:  Can a lender use this clients' overtime income earned last year to qualify?

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Can you use overtime income earned toward a home loan?

 

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Eric Gausepohl, California Mortgage Banker
(800)774-7650
closings@summitlr.com

2130 Main Street, Suite 110
Huntington Beach, Ca  92648

NMLS #371291

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