Looking for lender who would take on commission based income
I live in Idaho and am looking to buy a home. I’ve been having difficulty getting approved since I’ve been with the same company for over two years but I was switched to a new position and have been commission-based for the past 6 months. Is there a lender who would take me on? Commissions are high both this year and the coming year. by salesrep754 from Bancroft, Idaho. May 4th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Commission based income, along with any variable type income like tips creates challenges for a lender when trying to answer the "what is your income" question. The basic rule for variable income is that you'll need to be doing that job for two-years. The lender will then average the two years of commission to determine your qualifying income for the loan. Sorry... I lend in MN WI IA ND SD, find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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