SONYMA Max Income Limit

-Basic Income Calculation: Obtain the year-to-date (YTD) gross income from current paystub. Deductions for pre-tax income (e.g., 401k, 457b contributions, health benefits, etc.) are not allowed. Divide YTD income by number of weeks elapsed in the current year and multiply by 52 to obtain annual income.

-Overtime, Bonuses, and Commissions: Must be included in the YTD income calculation, as stated above. If the paystubs from the loan application date to current date do not reflect this type of pay, it may be removed from the YTD income calculation as stated above, but the amount must be added back to the total income. This income may be excluded completely if paystubs from the application date to current date do not reflect this type of pay and it can be demonstrated that there is no history (in prior years) of receiving this type of income.

-Salary/Job Changes: If the applicant receives an increase/decrease in pay due to a job change, promotion, or terms of a new employment contract, the new salary will be treated as though it was received the entire year. Obtain employment letter or copy of contract and current paystub or VOE.

http://www.nyhomes.org/Forms/FAQ.htm?Category=5
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Q: How is SONYMA Compliance Income Calculated?

Thanks for the quick response, but I've already read the SONYMA FAQ. To clarify my question, what do they consider to be a "history" of receiving overtime & bonuses? I received both in 2010, but I did not in previous years.

Thanks

Would your new salary plus last year's bonus be over the limit? If not, then you're fine.
If it is then it probably depend on the reason for the 2010 bonus. If it is a one time only bonus (i.e. a retention bonus) or something that is specific to your previous job, then your employer can probably explain that in a letter.

Since you have a new position, the OT should be easily explained. I think you're fine, but you should obviously contact a lender to get the official word.

Thanks for all the info Sunday. I think I should be OK. With my new salary + my regular bonus, I should be under the limit. In 2010, I received my old salary + my regular bonus + one time bonus + overtime.