> For the complete documentation index, see [llms.txt](https://underwriting.homium.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://underwriting.homium.io/underwriting-borrowers/income-assessment/sources-of-income-and-documentation/base-income-calculation-guidelines.md).

# Base Income Calculation Guidelines

After the applicable income documentation has been obtained, the underwriter must calculate the borrower’s eligible qualifying base income. The following table provides guidance for standard employment documentation:

<table><thead><tr><th width="218">How Often Paid</th><th>How to Determine Monthly Income</th></tr></thead><tbody><tr><td>Annually</td><td>Annual gross pay / 12 months</td></tr><tr><td>Monthly</td><td>Use monthly gross payment amount</td></tr><tr><td>Twice Monthly</td><td>Twice monthly gross pay x 2 pay periods</td></tr><tr><td>Biweekly</td><td>(Biweekly gross pay x 26 pay periods) / 12 months</td></tr><tr><td>Weekly</td><td>(Weekly gross pay x 52 pay periods) / 12 months</td></tr><tr><td>Hourly</td><td>(Hourly gross pay x average # of hours worked per week x 52 weeks) / 12 months</td></tr></tbody></table>

All of the above calculations must be compared with the documented year-to-date base earnings (and past year earnings, if applicable) to determine if the income amount appears to be consistent. See General Income Information, for additional information about variable income (bonus and overtime).


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