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Can I buy a house on a commission-only job?

My husband and I are first time home buyers. my job is completely commission based. my credit is good, above 740 and my husbands is above 700. i was told that i cant get a mortgage until ive worked there for multiple years. do i have other options by kfields823796 from Perry, Oklahoma. Apr 3rd 2015 Reply


Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

Typically you will need 2 years of history for the position. Have you been in the same industry for many years? You might get a lender to try and qualify you on a 24 month average of your current income. Talk to a local lender there might be options would need a lot more details

Apr 3rd 2015
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Stacye Beaver (sbeaver)
#15 ranked lender in Oklahoma - 3 contributions

In order for your income to be considered stable the lender is required to average your commission earnings over the last 24 months. But if the most recent 12 months is less than the previous 12 months then they would need to just average the most recent 12 months since the income was less. If the most recent income is more than the previous 12 months then the income will be averaged over 24 months.

Apr 3rd 2015
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

When you file tax returns, for 2 yrs that will work for income . IF you have unreimbursed employee expenses, like if you wrote off your car, gas, etc,,, there is a way to add that back into your income . linda

Apr 3rd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Lending guidelines require that if your commissioned, you need to be receiving commissions for a minimum of 2 years for that income to be considers in your qualify ratios. If your income is split between a base salary and commissions, it's possible you can use your base income for qualifying purposes.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 3rd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

You need to have a full two years of commission income history before they will use your income to qualify you.

Apr 6th 2015
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