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I have less than 2 years at my current job with variable commission. What is the chance of getting approved?

by leonard.p501 from Leesburg, Florida. Apr 18th 2016 Reply


Scott Chinchar (scotty700@gmail.com)
#281 ranked lender in Florida - 2 contributions

What was your start date on this job?Do you have a base income plus commission, or are you 100% commission? I would love to talk to you and get all the information so that I can give you the correct answer. My number is 727-259-2900 and I'd love to answer you.Scott

Apr 18th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

If you are 100% commission, you will need a 2 year history of receiving commission income for it to be used in qualifying.

Apr 18th 2016
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Todd Glassman (Todd Glassman)
#2 ranked lender in South Carolina - 113 contributions

Good afternoon are you in the same line of work and received commission before? Call John Crivea at 864-907-1089. We have 1 year tax return programs available.

Apr 18th 2016
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Local Reverse (LocalReverse.com)
#301 ranked lender in Florida - 2 contributions

The first step would be to get you Pre-Approved or on a path to get Pre-Approved. Getting Pre-Approved will let you and a realtor know how much you qualify for when searching for a home. I would need more information to Pre-Approve you..I would need to run credit and see 30 days of pay stubs from the borrower and any co-borrowers. If you have any W2's or 2 years of tax returns that would help as well.How long have you been on your current job and is it strictly commission? If you haven't been on your current job for 2 years you may need to wait until then, unless you were previously employed in the same line of work and being paid commission as well.

Apr 18th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

More info needed.. but the short answer is possibly.. but the question is.. how much less than 2 years.. there's a big difference from 8 months vs. 1 year and 8 months.. if it's 8 months, then you don't have a chance.. but if it's 1 year and 8 months.. well, then maybe.. Also, if your previous employer also paid you commissions, and you have over 2 years history in the "Line of work".. then it's typically not a problem.. but again, much more info needed to properly answer your question.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Apr 18th 2016
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Daniel Otterbacher (dotterbacher@satorimortgage.com)
#304 ranked lender in Florida - 4 contributions

It would end up being determined by your previous job history. I would need to get a little more information to give you a solid answer. If it is easier for you you can call me directly at 321-663-7376

Apr 18th 2016
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Daniel Otterbacher (dotterbacher@satorimortgage.com)
#304 ranked lender in Florida - 4 contributions

It would be determined by your previous work history. I would need more information to give you a solid answer (Was your previous job in the same field as your current job? How long were you at this previous job? etc..) If it is easier for you, you can reach me directly at 321-663-7376 or by email at dotterbacher@satorimortgage.com

Apr 18th 2016
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