One large deposit, explained
A bonus lands as one large deposit. Keep the pay stub that shows it, and add a short note for any large or unusual deposit saying where the money came from.
Documents checklist
Berkeley Heights, Union County
When part of your pay is a bonus: mortgages for Berkeley Heights, NJ buyers
For Berkeley Heights buyers and owners whose pay includes a bonus or overtime: how a lender reads pay that changes from year to year, why the history behind it matters, and how a bonus in the bank can help at closing. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
What are you asking?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Berkeley Heights housing
A town of owners and larger houses
Berkeley Heights is home to about 13,400 residents in about 4,900 homes, by the American Community Survey’s 2020 to 2024 estimates, and an estimated 93.3 percent of occupied homes are owned.
An estimated 23.3 percent of employed residents work in finance, insurance and real estate, the Census industry group that also covers rental and leasing. Its median owner-occupied home value is about $789,400, by the Census estimate.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Berkeley Heights, and we lend across New Jersey.
The homes
- Four bedrooms: an estimated 46.4 percent of homes
- Five or more bedrooms: an estimated 15.6 percent of homes
- Detached single-family houses: an estimated 83.6 percent of homes
- Homes with a mortgage: about 2,800, an estimated 62.5 percent of owner-occupied homes
- Built in 2020 or later: an estimated 5.1 percent of homes
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Pay that changes
How a lender reads a bonus
A salary is easy to read: the same figure arrives every pay period. A bonus or overtime moves from year to year, so a lender looks for a history of it before counting it, and reads the pattern across that history.
The documents. Recent pay stubs and W-2 forms show what you were paid. When much of your pay is bonus or overtime, your tax returns may be asked for as well.
A new bonus. A bonus paid for the first time may not count yet, because there is no history behind it. Your loan officer can tell you how your program reads it before you set a price range on it.
Your employer’s form. On an employer verification (WVOE) loan, your employer confirms your job, start date and pay on the standard form, and a bonus or overtime can be counted when the form shows a history of it.
Before you apply. Changing jobs, or moving from salary to commission, just before applying is one of the habits that sinks files. Raise it with your loan officer first.
A bonus in the bank
Using a bonus toward the purchase
A bonus paid into your account can help with the down payment and closing costs, or stay put as the savings you keep after closing.
Every page, as issued
Send every page of every statement, even the pages that look blank, and leave the money where it landed rather than moving it between accounts.
Home buying mistakesA bonus that comes later
A bonus paid after you close can go to principal. Some loans allow a recast after a lump sum, which lowers the payment without a new loan.
Paying off faster
The file
Papers for pay that moves
Gather the papers that show the whole pattern of your pay, not just this month’s stub. The lender re-confirms your job shortly before closing, as on any mortgage.
If you also earn on 1099 forms, or own part of a business, a different way of showing income may fit; a loan officer can compare the alternative documentation routes with the standard one.
Have these ready
- Pay: recent pay stubs, including the one that shows the bonus
- W-2 forms: for the years your program reads
- Tax returns: when much of your pay is bonus or overtime
- Savings: bank and investment statements, each page included
- Payroll: who handles employment verifications where you work
Questions
Questions from Berkeley Heights buyers
Do you lend in Berkeley Heights?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Berkeley Heights?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
Does a bonus count as income for a mortgage?
It can, when there is a history of it. Pay stubs, W-2 forms and sometimes tax returns show it.
Does a bonus paid for the first time count?
It may not count yet. A lender looks for a history of the pay before counting it; your loan officer can say how your program reads it.
Can I use my bonus for the down payment?
Yes. Keep the pay stub that shows it, and explain the large deposit with a short note.
What is a WVOE loan?
A loan for salaried or hourly employees whose employer confirms their job, start date and pay in writing on the standard verification form, in place of pay stubs, W-2s and tax returns.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.