Income Calculation Worksheet

Borrower Name Loan Number

Employer Date 8/16/2011

Pay Type

Hourly $- Per Hour # of hours X52/12 $- Income

$- YTD Earnings # months Income
$- W2 for Tax Year: # months Income
$- W2 for Tax Year: # months Income

$- Per Hour FALSE

YTD Avg FALSE
YTD + 1 W2 Avg FALSE
YTD + 2 Yr W2 Avg FALSE

$- Use lowest income or check the income you wish to use $- $-

Salary Type of Salary

$- Monthly X1 = $- Income
$- Bi Weekly X26/12 = $- Income
$- Semi Monthly X24/12 = $- Income
$- Weekly X52/12 = $- Income

YTD Salary (paytsub) 0 # months Monthly Avg

W2 income 0 # months Income
W2 Income 0 # months Income

$- Base Used to Qualify check the salary you wish to use If YTD or past year is lower, confirm why.
Othewise, lower of YTD and W2 is required

Overtime/Bonus Break out OT/Bonus from base salary

$- YTD Overtime / Bonus* # months Income

$- Past year OT breakout # months Income
$- Additional year OT / Bonus # months Income
*If DU requires only a YTD paystub, OT/Bonus must be
YTD Avg FALSE annualized.
YTD + 1 year Avg FALSE Divide YTD OT/Bonus by 12 months
YTD + 2 Year Avg FALSE

$- Use lower of calculations or check the income you wish to use $- $-

Commission Break out commission from base salary

$- YTD Commission minus Expenses #VALUE! expenses (based upon 2106 expenses)
$- Past year commission minus Expenses 2106 Expenses
$- Additional year commission minus Expenses 2106 expenses

#VALUE! = Net income # months monthly income

$- = Net Income # months monthly income
$- = Net Income # months monthly income

YTD Avg using net income FALSE 2106 YTD Expense Estimate
YTD + 1 year using Net Income FALSE 2 year Commission Vs 2106 Expenses
YTD + 2 year using net income FALSE Commission $-
Expenses $-
Expense factor

$- Use Lower of calculations or check the income you wish to use $- $-

Other Income Type of income

$- YTD income 0 # months Income

$- W2 for year: 0 0 # months Income
$- W2 for year: 0 0 # months Income

YTD Income FALSE

YTD + 1 Year FALSE
YTD + 2 Year FALSE

$- use lowest income average or check the income you wish to use $- $-

Non Taxable Income Type of income

$- Monthly check or Direct Deposit $- Income ###

$- Income from 1099 $- Income ###
$- Annual amount of income not subject to tax (Income not on tax transcripts)
$- Additional Non taxable Income to be used for qualifying (income not taxed x125%)
$- Total Non Taxable Income

Deduction from Income(non commission borrower with business expenses or other income deduction)

$- Expense/deduction $- 12 month average (the box that is checked is a negative ###

$- Expense/deduction $- 24 month average number and reduces total income) ###
$-

Total Income to Qualify $-

Underwriter Comments

Version 10.4 See Self Employed Worksheet for all Self Employed Income Revised December 2010