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Updated over 11 years ago, 06/30/2013
Question about getting approved for a mortgage
So in Feb 2014 I will be trying to get pre approved for a mortgage. My issue is, my monthly income is only about half my total income (the other half is split amongst quarterly bonuses. So my question is when getting pre approved, will they just use my w-2 and divide by 12 to find out my monthly income, or does it have to be what I make a month without and of my quarterly bonuses? . Also, the first house I get will be a multifamily house possibly with one or more units rented out already. Will this benefit me in getting a approved easier or will the bank not whether or not there is tenants already in place? Thank you for your help!