utedrummer

and need some help on how to explain to the loan officer how we get paid...
she asked what i made per hour and i told her. she seem thrilled until she asked for the month/annual totals and then she looked dumbfounded. then she asked if i was paid hourly or salary. i told her it was kind of both. long story short she liked that i was paid x-amount per hour but didnt like the "but i only work 75 hours a month" answer (on top of the follow-up that im at work four days a week straight...).

soooooooo, after i an hour trying to explain how we get paid to a blank look i am wondering, how do you go about it?

tsween

to the extent of my limited knowledge i thought they cared about your annual income

ToiletDuck

Tell her like you were talking to us. You have a base pay of X amount per year. You normally make x+20%.

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utedrummer

thats hard to do when
1)you havent worked at x-airline for a year yet so not really sure what your going to come out with (12 months of 75 hrs here, 86 hrs there makes it hard to guesstimate...)
2)Show me the last 3 pay stubs that are all over the place.

Also, is the per diem allowed to be factored in??

cbire880

Per diem is a reimbursement for expenses. It is not income unless you don't overnight, then it is counted as such. Clear as mud?

utedrummer

Great thanks. i think i'll just tell her im unemployed

ToiletDuck

I wouldn't do per diem because you might not get much one month. If you don't count on perdiem it's just free money at the end of the end of the month.

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druglord

i just showed the last 6 months of pay checks and they took the average

Seattlecfi

I used 75 X base salary. That is your income. Anything above is extra.

cfii2007

Lie and tell her you make $300,000 as a Financial Analyst....based on recent events, you should have no problem getting a loan.