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When is OT pay considered when buying a home?

My hubby works in the same industry for 7 years now and we moved to FL last April 2022 for his new job with a new company. Lender told us that since he was not working for his new company for at least 2 years, OT is not considered as income, only base salary counts when applying for a mortgage. by gabiescobar112 from Atlantic Beach, Florida. 14 days ago Reply

John Burke (jburke)
#29 ranked lender in Texas - 318 contributions

Hi Gabiescobar112, Did you husband have a gap in between the 2 jobs? If so, how long?What type of mortgage did you apply for? You probably just need to talk to another lender. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states ||Stride Bank | | (877)228-9069 | NMLS# 787231 |

13 days ago
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,788 contributions

Sorry to tell you, that information is basically correct. In order to use overtime as income, the home buyer needs to have a 'pattern and history' or receiving the overtime. As he has changed employers, there is no history, and therefore can not be used until he does have a pattern and history. The general rule is two years, but there is some wiggle room if he has been there awhile. I've had success for example if they have been there at least one year, and the pattern and history is the same or similar to a previous job in the same field. I lend in MN, IA, ND, SD, and WI. Find me at, although I do all loans, not just first time buyers. | Cambria Mortgage | NMLS 274132 | (651) 552-3681

7 days ago
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