first time buyer mortgage question (sorry if this is the wrong forum!)

**john1979** · 05-15-2011, 11:43 PM

i'm going to be a first time home buyer.

my credit score is 800, zero credit card bills and a $247/month car loan started 12 months ago. i have $30k in cash saved up and i'm looking to buy a $350k house (350k-30k=320k mortgage).

my question is with income. my gross income TOTALS are
2008: $103k
2009: $90k
2010: $84k
2011: i'm on pace to make $109k

my question is will the calculations for monthly income be based on total YEARLY income divided by months, or BASE SALARY divided by months. My base this year is $70k with the balance of $39k coming from bonuses & OT.

also side note, i'll have been paid $30k USD equivilant in korean won in 2011 (i'm currently in korea on assingment). will this be a factor at all when I apply for a mortgage?

thanks for your help sorry for the long question!

**Greg** · 05-16-2011, 05:05 AM

The best thing for you to do is find a couple of lenders in the area where you want to buy and contact them with your questions. Lending has become very localized these days with different areas of the country having been labeled as 'declining' which affects the amount of down payment required.

If you buy while you are still over seas you might have to come up with a 20-30% down payment.

**MSC** · 07-14-2011, 10:09 AM

Your last year income is good enough, your DTI will be fine. You should go FHA and you will get a great rate.

**MarticiaLancaster** · 07-20-2011, 08:09 PM

I agree with MSC, FHA is also the best option for me..

**landontreber** · 07-21-2011, 12:59 PM

You should have no problem with overtime and bonuses if you can show a history of both. However, if your ot just went up, then forget about getting credit for it. They will take yearly income and average the two years leading up to this year, and they will factor in this year as well.