Qualifying income for mortage

Okay more than likely I’ll have to wait until next year to buy a home so I’m asking this for future reference.

I was told if I have 2 years worth of OT or two tax returns that show it, mortgage lenders will average the two out.

My ex) Main source of income job = 13K worth of OT. estimated 2022 OT = $15K

Average = $14,000

Second income working for myself)

Last year = 1,600 2022 estimation 8500

Average = $5,050

This would make my basic income jump from 52k to 71,050.

Will this work? Or will lenders question this?

submitted by /u/DreamchaserJ
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Okay more than likely I’ll have to wait until next year to buy a home so I’m asking this for future reference. I was told if I have 2 years worth of OT or two tax returns that show it, mortgage lenders will average the two out. My ex) Main source of income job = 13K worth of OT. estimated 2022 OT = $15K Average = $14,000 Second income working for myself) Last year = 1,600 2022 estimation 8500 Average = $5,050 This would make my basic income jump from 52k to 71,050. Will this work? Or will lenders question this? submitted by /u/DreamchaserJ [link] [comments]

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