Tag: overtime

VA – Overtime Income: If we have fewer than 2 years’ overtime income, is it an automatic denial with VA or is there some flexibility? VA Chapter 4 Changes – Chart

Answer: VA wants to see a 2-year history of overtime (see guideline below).  Note that they will allow overtime income earned for 12 months or more to offset debts of 6-24 months in duration, which can be a deal-saver is certain cases. Reference: h. Income from Overtime Work, Part Time Jobs, Second Jobs, and Bonuses […]

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Fannie Mae – Desktop Underwriter/Desktop Originator Release Notes DU Version 10.3 March 2019 Update – Dated January 28, 2019 – Effective March 23, 2019

Written By: Lloyd Rutherford, Staff Writer We are always very thankful for the release notes issued by Fannie Mae as they help us understand why the underwriting results may have changed and what we need to do in order to get the results we are seeking.  This update contains a lot of DU updates so […]

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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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