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Change in income guarantee, looking for jumbo loan in CA

Company changes pay structure, so instead of receiving a $210,000 per year, my annual guarantee was reduced to $160,000 plus commissions. I will be earning more, but my local banker advised that due to the recent change, they cannot offer me a loan. Trying to purchase a 980k home with 20% down. Credit scores in high 700's. by trent_77165 from Los Angeles, California. Dec 9th 2015 Reply


Larry Goodrow (larry_goodrow@yahoo.com)
#1064 ranked lender in California - 22 contributions

should be doable with your FICO score and income unless you have a ton of debts etc since that $160k would qualify. Let me know as most investors can go to 75% up to $1,000,000, I do have a 2nd source who can do it too. 916-434-8915

Dec 9th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

All conforming loan products state that you must be receiving commissions for 2 years before they can be counted.. but Jumbo loans are not a conforming loan.. meaning that there is no standardized set of lending guidelines that must be followed.. each lender offering Jumbo financing can and will have their own rules which will be different from one lender to another.. That all being said, it's possible there is a lender out there that will consider your new pay structure.. but you wont find it very easily if you go from bank to bank.. instead, try reaching out to a local mortgage broker.. Brokers have access to numerous lenders, with each one offering a different set of lending guidelines.. the more lenders, the more lending options and the greater likelihood your loan will get accepted.. 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 NMLS# 226347

Dec 9th 2015
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