Because I’m not guaranteed 40hrs/wk, I must average in my last 2 years W-2s… but my hourly wage was 15% less back then from what it is now due to wage increases every 6 months. Do lenders factor in current hourly wage so I could apply for a slightly larger loan?
No they only base it on what you actually earned, not what you may earn. In todays economy you might be laid off, do you want them to figure on that possibility also?
How do home lenders calculate income for hourly employees with wage increases?
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I’ve never heard of going back 2 years to calculate income. They go back two years to verify you have a steady work history, and they should be averaging your hours worked. But they will go off of what you currently make for qualification purposes.
References :
Ex loan processor.
No they only base it on what you actually earned, not what you may earn. In todays economy you might be laid off, do you want them to figure on that possibility also?
References :