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Does OT income count when I am applying for a mortgage? Or is it handled differently since it is intermittent?

by shelly984 from Lincoln, Delaware. Jan 7th 2016 Reply


Edward Fallon (edfallon)
#93 ranked lender in Pennsylvania - 143 contributions

It can count. Underwriters typically look for a two year history and a likelihood of it continuing.

Jan 7th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

The underwriter will look at whether or not you have received the OT for at least 2 years.. if you have received it that long, then they will take your total of 2 years, divide it by 24 months, and use that figure for overtime.. however, if your HR person who will be filling out the Verification of Employment form states that overtime is no longer being offered.. it wont matter how long you received it, the lender will not count it.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 7th 2016
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Lisa Ward (lisaward@demortserv.com)
#22 ranked lender in Delaware - 1 contribution

Hi Shelly! Yes, overtime income does count. We can count the income as long as you either 1. Have a two year history of overtime 2. If you do not have a two year history we it will still count if your employer verifies your overtime will continue for the next two years.

Jan 7th 2016
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Agree with others, need to show a 2 year history and some on your YTD paystub, OR need to document that it always occurs around the same time each year. Good luck

Jan 8th 2016
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