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The New Home sales dropped 11.3% in November to 355K as opposed to the 438K that was expected, and while this helped MBS, the Treasury is now going to auction off $122B instead of the $118B that was expected, so this brought them back down.

If [...]]]> MBS very volatile today due to all the reports.

The New Home sales dropped 11.3% in November to 355K as opposed to the 438K that was expected, and while this helped MBS, the Treasury is now going to auction off $122B instead of the $118B that was expected, so this brought them back down.

If you have a new transaction in the works today, I’d go ahead and just lock it and play it safe.

Here’s how it works:

1. You must provide a minimum of at least 24 months of overtime in order for us to count it for income. 2. If on your current paystub it shows less than the previous 2 years of overtime, we [...]]]> When trying to calculate OVERTIME and BONUS income, its a little confusing.

Here’s how it works:

1. You must provide a minimum of at least 24 months of overtime in order for us to count it for income.
2. If on your current paystub it shows less than the previous 2 years of overtime, we can only use the YTD (Year-to-Date) Average; the most conservative approach.

Here’s a quick example:

If you made $20,000 in overtime in 2007, $50,000 in 2008, and $800 in 2009 YTD so far, we can only use $400 (the average since we are in February).

Now listen closely. If your overtime DECLINED in the past 2 years, this will have to be reviewed and is subject to review by the underwriter.