Mortgage Process

Asked by Tyler, New York Sun Jul 15, 2012

When approving a home loan do mortgage lenders just look at the base income? Or do they look at the income reported on W2s? My W2 includes bonuses that I made throughout the year, so it is higher than my base income.

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7
Russ Ravary, Agent, Commerce Township, MI
Sat Mar 9, 2013
They will include the bonuses. The use your W-2's
0 votes
Harold Polem…, Mortgage Broker Or Lender, Plymouth, MI
Fri Oct 19, 2012
Income per W-2 represents total income. Generally, the W-2 does not breakdown base income from total income. If you need further assistance please feel free to contact me.

Harry Polemitis
hpolemitis@mortgageone.biz
248-506-0404
0 votes
R.chelliah (…, Home Buyer, Royal Oak, MI
Thu Oct 18, 2012
Base income reported in W2s is what is needed by the mortgage broker
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Mon Jul 16, 2012
Tyler,

Good Morning!! As a mortgage lender Harry gave you the best answer.

If you need assistance finding a home I would be happy to help.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
Harold Polem…, Mortgage Broker Or Lender, Plymouth, MI
Sun Jul 15, 2012
No, base income is not the only income taken into consideration. If your bonus income has been consistent over the last two years and, if the employer indicates on a Verification of Employment that the bonuses are expected to continue, they will allow the average bonus income over last two years to be added to base income for purposes of calculating debt-to-income ratios.

If you have any further questions, feel free to contact me anytime.

Harry Polemitis
hpolemitis@mortgageone.biz
248-506-0404
0 votes
Eric Michael, Agent, Northville, MI
Sun Jul 15, 2012
Tyler,

There seems to be a zillion things that lenders look at before loaning money. I don't think you can use bonuses as income to purchase a house.

Call a lender that you trust. If you need one, let me know.
0 votes
Rose Tibbles, Agent, Northville, MI
Sun Jul 15, 2012
Hi Tyler,

Call my loan officer Marc Edelstein. Marc will be happy to answer your questions, and he can be reached at (248) 379-6749

Let me know if you need help finding a home, I know a GREAT Realtor :)
All the Best,

Rose Tibbles Tibbles Team (734) 812-6745
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