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Debt to income ratio gross income question home purchase?
How do they calculate gross monthly income do they take annual gross and divide by 12 or do they look at total of 2 paystubs so (28 days cycle of work period)? Do they just do 160 hours x the amount paid per hour ( if doing 40 hours per week). In other words do they look at overtime or just regular hours worked?
1 Answer
- A HunchLv 71 month agoFavorite Answer
Your pay stubs are to verify that you are employed and how your earnings are earned.
Your tax returns determined your gross income. If they want monthly gross income, they take the annual and divide by 12.
If your income is consistent between the tax returns, they don't care what is OT and what is regular. If you have a discrepancy in income from one year to the next and the discrepancy is based on OT, then OT will be pulled out of the evaluation.
