#WhackedOutWednesday – The rule of 5 I go over today. The way’s to use the various forms of income and what’s considered effective income and what’s not. The “whacked out” part is that many LO’s don’t know how to calculate effective income. The salary is the salary, the hourly income can vary. And if it does there’s a rule I go over for this. The VOE is king. The paychecks are a supporting document, not what determines income.
The biggest thought is that you need two years for all of the 5 type of incomes. Bonus, Over-Time, Commission, Self-Employment and Second jobs. When in reality there’s only one of these that you really need a full two year uninterrupted period of receiving. Find out more in today’s video! ↓
We go by the guidelines and I’m here to help you structure these deals to get them done. The rule of 5 is great to know, and every LO out there should know how to calculate the effective income. To many times there’s just some snag somewhere that the LO didn’t realize. My goal is to eliminate that with these guideline videos and help all get more loans done. In fact I encourage you to get on point, with BluePoint! We are a growing National wholesale mortgage bank, we are broker friendly and have several niche’ products. FHA/VA are for sure sweet spots. SIGN UP HERE!
As always I’m here for any – “I gotta guy” questions.