3 Things That Decide If Overtime Income Counts on a Conventional Loan

Three things an underwriter looks for before they'll count your income on a conventional loan - and if your pay doesn't check all three boxes, it might not count at all. In this video I walk through Adelyn's situation: a buyer near Johnsonville, SC who switched to a job with overtime pay and had to prove that income was stable and continuing before it could be used to qualify for a conventional loan. I break down the actual Fannie Mae Selling Guide standard under B3-3.1-01, what documentation underwriters typically want to see for overtime, bonus, or commission income, and the exact question you can ask your loan officer to find out where your income stands before you're under contract. If your pay structure recently changed - new job, new overtime, new commission eligibility - this is the conversation to have before you start house hunting, not after. Call 843-LOW-RATE to talk through your specific income situation. Home Loans Inc - Jason Sharon, Mortgage Broker. Company NMLS #1728740, Jason Sharon NMLS #1281448.