Originally Posted by
rswitz
Thanks for the info. Second part to my question - do any of you who've bought houses know if mortgage lenders only go by minimum guarantee, or do they average your monthly income?
So if I'm making 80 bucks an hour, my minimum salary is roughly 70k. But if I earn far more than that, will the bank factor that in?
I bought a house shortly after upgrade. The lender did not understand pilot pay at all, so I had to make my case like so....
Showed him several years of tax returns, and old paystubs with hourly rates.
Made the case that I could demonstrate a linear relationship between my old hourly rate and my old tax returns. Then applied the ratio between new and old hourly rates to old gross income to obtain a reasonable projected future gross income.
I would not mention reserve, guarantee, or per diem unless they ask. Also would not get into the affects of seniority. Longevity is fair game since that's guaranteed annual raises.