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Calculating Income for Loan

My husband and I are approved for a loan, closing next week, but an issue has recently come up with how our income is being calculated.  This won't affect whether or not the loan goes through but rather whether or not we have to pay off a 5 year 0% APR car loan before closing.  We'd (for obvious reasons) rather not, but have the cash to do so if we must.  I'm trying to get a sense for how much pushback I should give on the issue.  

Essentially the bank has given us two options for calculating our income.  We can either use our monthly paystub or average our last two W-2s.  I get about an 18% bonus every year and have documentation of that bonus over the last four years (end of year pay-stub with the bonus explicitly called out as well as letters for each year), but that doesn't show up in my monthly paystub as it's paid once a year.  The W-2s capture it, but I had a baby last year so my 2012 W-2 is less that 3/4s of normal due to maternity leave.  So our debt to income ratio comes in too high because we either have to ignore my bonus or use my 3/4 income year.  

Is it worth trying to meet with the underwriter in person about this?  It's a local credit union where we have been members for nearly thirteen years, but I've gone back and forth in email with our loan officer there and she doesn't seem to think there's any room for negotiation. 
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June 17 2013 - Mountain View
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A personal meeting is much better than a phone call or an e-mail. Talk with the loan officer and see if you can set up a meeting with her supervisor or manager. Bring all documentation. If possible, bring a letter from your employer stating there is a strong probability that you will receive tha bonus this year.

As you know, credit unions are owned by their members and you have been an owner for a long time. Typically, credit unions have more flexibility than banks do and are more willing to work with their members.

Best of luck !!
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June 17 2013
 
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