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Create underwriter calculated

hey y'all it's leslie beaver with the meadows team at movement mortgage and today i'm going to talk to you on how underwriters calculate income okay while underwriters get a bad rap they are really just following simple calculations how these different calculations come into play is when you earn various types of income you're a variable our employee or you're self-employed let's start with the fact that you are a salaried employee to do an analysis of your income we are going to use your base guaranteed salary in order to qualify you now if you earn any additional income such as commissions or bonus if you have a two year history of this income we're going to average the income plus year to date over the last two years if you are not salaried and you are a hourly wage earner this means that you have variable income what you may run into with pre-approval process is that we are going to have to average the last two years of income that you've earned to see what the average total is that we can use to qualify you this is because you're not guaranteed a set amount so we have to look at the last two years to get a comfortable balance with what we can use now if your pay stubs support you working a guaranteed 40 hours a week we can use that to qualify you your employer will need to guarantee your minimum hours per week and your pay stubs will need to support it for us to give you more credit than variable income calculation so say you've had a pay raise over the last two years and it's not going to reflect your current hourly amount when we do the two-year average if you can talk with your employer ensure that they will confirm with us that you're guaranteed a 40-hour week we can give you the higher amount for you to qualify at your current hourly income if you have any questions on what your income can qualify you for reach out to us anytime and we can go over your options with you i'm leslie beaver with the meadows team at movement mortgage and we'll see you next time [Music] you