Increased salary, temporary employment & effects on mortgage
I'd like to get some input on my current situation before moving forward in meeting lenders for my first purchase which would be an owner-occupied multi-family house.
Early last year I got into a Union which operates as a "Hiring Hall" and I've been told that this is considered temporary employment which means that my income will be averaged over last 2 years rather than current salary.
Over the past few years my gross income has nearly doubled yearly. Using simple and easy numbers lets say $20k in 2012, $40k in 2013 and $80k in 2014.
Using these numbers my current averaged income would show $30k, but if I waited it would show $60k.
First, are there any other factors involved with "Temporary Employment"?
Secondly, assuming I could qualify with current averaged income should I go ahead or would it be wise to hold off and wait until after I file 2014 and can on paper show this increase? How big of a difference would it make and on what (Mortgage Rate, Amount, or both?)