Tag: income calculation

FHA – Two Primary Jobs: How do you calculate income for a client with 2 primary jobs that are both paid hourly, and who changed employers 7 months ago?

Answer: If your borrower has been working 2 jobs consistently for the last 2 years, then the second job income is eligible for qualifying.  It is acceptable that your borrower has been at their current primary job for only 7 months IF they were employed in another primary job for the 17 months immediately preceding […]

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FHA – Overtime Income Calculation: How do I calculate overtime income when it was higher in 2016, lower in 2017, but higher YTD?

Answer: You will need to do 2 or 3 different calculations to figure out your qualifying income. Average the most recent 12 months of overtime income. Average the overtime income of the 12 months previous to that. If the most recent 12 month’s average is 20% (or more) lower that the average of the previous […]

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