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Started By
Message
First time homebuyer with questions
Posted on 9/16/13 at 2:12 pm
Posted on 9/16/13 at 2:12 pm
I'll be going to a full commission pay scale in the next 3-6 months. I know that, when buying a home, they look at your previous 2-3 years income to base your loan on.
If I go to commission in 3-6 months, how will that affect my chances of buying? I'd be up shite creek, correct? my previous 2 years of income is no longer valid, right?
If so, can you actually have a co-signer? For instance, could my parents co-sign? Is that weird? Is it normal? Is it even possible?
I'm brand new to this whole thing so forgive my ignorance.
TIA
If I go to commission in 3-6 months, how will that affect my chances of buying? I'd be up shite creek, correct? my previous 2 years of income is no longer valid, right?
If so, can you actually have a co-signer? For instance, could my parents co-sign? Is that weird? Is it normal? Is it even possible?
I'm brand new to this whole thing so forgive my ignorance.
TIA
5
Posted on 9/16/13 at 2:46 pm to King of New Orleans
I'd wait for a few months after the switch to commission before I would buy, just to get a better understanding of what my monthly salary would be
but that's just me
but that's just me
Posted on 9/16/13 at 2:48 pm to Salmon
yeah, that's kind what I was thinking too. I was just trying to get some info from people who would have gone thru this. 
Posted on 9/16/13 at 5:03 pm to King of New Orleans
If you are buying in New Orleans, and you are buying an old home (likely) - make sure the electric and plumbing are updated - even more importantly - make sure you have documentation of this update. Without it, you may not be able to get market rate insurance and will be stuck with Louisiana Citizens. You don't want Citizens. They do ridiculous things, like requiring you fully cover the cost to replace the home even if the loan amount is substantially less than that.
Also - verify the flood zone. Someone actually tried to sell us a Flood zone A property as a flood zone B property - the difference in flood insurance rates between A&B is ridiculous (thousands vs. hundreds)
Also - verify the flood zone. Someone actually tried to sell us a Flood zone A property as a flood zone B property - the difference in flood insurance rates between A&B is ridiculous (thousands vs. hundreds)
This post was edited on 9/16/13 at 5:04 pm
Posted on 9/16/13 at 5:25 pm to SpidermanTUba
I'll be buying in Baton Rouge
Posted on 9/16/13 at 5:27 pm to King of New Orleans
quote:
I'll be buying in Baton Rouge
If its an old home the same warnings about documentation of plumbing and electric updates above apply.
Probably no need to worry about Flood Zone A in BR though!
BTW - how on Earth is the King Of New Orleans going to live IN BR? That makes no sense!
This post was edited on 9/16/13 at 5:29 pm
Posted on 9/16/13 at 9:49 pm to King of New Orleans
i havent even been at my new job a full year and i got a loan fine...just had to inform them what i was doing prior
loan was fine as long as they saw i could make payments
loan was fine as long as they saw i could make payments
Posted on 9/17/13 at 1:33 am to HailToTheChiz
Who'd you get your loan through? Are you full commission?
Posted on 9/17/13 at 7:09 am to King of New Orleans
no, im not commission....i went through 1st federal
Posted on 9/17/13 at 11:06 am to King of New Orleans
if your going full commission then you will need at least 1 full year of full commission income to qualify for the loan. it sucks but how do they know how much money your going to make without a history of it. just to let you now i am a mortgage banker so i am not just speculating here.
Posted on 9/17/13 at 2:15 pm to hawkeye007
so its only 1 year of full commission? if that is really all it is, that is a lot better than 2-3 years. I can live with that.
Posted on 9/17/13 at 3:52 pm to King of New Orleans
it will depend on who you use for the home loan, some lenders will accept 1yr some will require 2 years. just ask that question to your lender and they will let you know.
Posted on 9/17/13 at 4:01 pm to hawkeye007
Is 20% mandatory on investment(rental) property?
Posted on 9/18/13 at 12:03 pm to yellowfin
yes sir
Posted on 9/18/13 at 3:23 pm to King of New Orleans
if you go commission,2 yrs of tax returns are required but at times if your credit scores are high enough, generally greater than 740, they can sometimes go with just one year of tax returns.it just depends what our underwriting findings tell us. hope that helped out
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