When it comes to bonus income there are a few 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 alot 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