Good Morning!
When it comes to bonus income there are three things to be aware of when you are getting a mortgage…
1) We can’t use bonus income or overtime income unless you can prove you have been receiving this income for 2 years.
2) The employer has to indicate that the bonus or overtime income will likely continue.
3) We will use a two year average of bonus and/or overtime income. So, if you got a lot this year, but not last year then we will have to use an average of both years.
If you or someone you know needs a mortgage – let me know! I would love to help you out!
That’s it for today!
Have a good day! …and thanks for reading.
Brett
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