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Started By
Message
Mortgage question
Posted on 5/11/15 at 10:09 pm
Posted on 5/11/15 at 10:09 pm
Trying to pre-qualify, and my wife is a speech therapist. She is paid hourly, and is only paid if she has patients, which she always does, however she isn't guaranteed a salary. Was informed today that I can not include her income on the loan, so my question is what if a couple both work in sales, or commission based income, how do you get a home loan?
9
Posted on 5/11/15 at 10:11 pm to 610man
I don't know exactly how it works (I've always been on salary) but I think there are ways if you can provide a documented good income history. But this may vary from bank to bank, especially these days, so just ask the bank.
Posted on 5/11/15 at 10:12 pm to 610man
Get a non idiot loan officer.
Posted on 5/11/15 at 10:12 pm to 610man
quote:
Was informed today that I can not include her income on the loan,
quote:
my wife
usually with commission based income you have to show 12 months of income at a minimum.
12 full months.
Posted on 5/11/15 at 10:12 pm to 610man
They ask for several years history of income for jobs like that
Posted on 5/11/15 at 10:13 pm to 610man
(no message)
Posted on 5/11/15 at 10:14 pm to 610man
2 yrs w-2s from a consistent employer or wholesale tax filing with a profit and loss statement showing earned income for self employment should typically do it I believe. Every lender is different though.
Posted on 5/11/15 at 10:15 pm to 610man
Every bank is different in their requirements.
Posted on 5/11/15 at 10:16 pm to Bullfrog
Go on, also she is w-2, not self-employed.
Posted on 5/11/15 at 10:18 pm to Bullfrog
quote:
Get a non idiot loan officer
Or a new bank.
Unless your wife just recently started her job, they should be able to use it
This post was edited on 5/11/15 at 10:24 pm
Posted on 5/11/15 at 10:20 pm to fillmoregandt
She did just start about 2 months ago, all checks have been around the same, guess might have to wait more time?
Posted on 5/11/15 at 10:21 pm to fillmoregandt
quote:
Unless your wide just recently started her job
Was this presumptuous, Freudian, psychic, or just a typo?
Posted on 5/11/15 at 10:23 pm to 610man
Is this her first job of this nature, or did she just move from a similar position with similar earnings at another company?
30 days paystubs is usually standard, but you'd want to provide as many as you can.
30 days paystubs is usually standard, but you'd want to provide as many as you can.
Posted on 5/11/15 at 10:25 pm to Hangit
quote:
Was this presumptuous, Freudian, psychic, or just a typo?
Predictive text
Posted on 5/11/15 at 10:28 pm to fillmoregandt
FYI, not wide, haha, yes, this is her first job in the field. Get paid every 2 weeks, has recieved 4 or 5 paychecks.
Posted on 5/11/15 at 11:28 pm to 610man
All they really want to do is verify the amount of income and get comfortable that it is likely to continue. The specific requirements vary by bank, but banks that sell loans to the secondary market (most of them) have to beore strict. Shop it around a little and a smaller local or mid size bank that keeps some loans in portfio may be less stringent.
Posted on 5/11/15 at 11:32 pm to 610man
(no message)
This post was edited on 5/11/15 at 11:36 pm
Posted on 5/12/15 at 7:09 am to 610man
quote:
this is her first job in the field. Get paid every 2 weeks, has recieved 4 or 5 paychecks
You are gonna run into a lot of problems with this. Sad but true.
Posted on 5/12/15 at 8:15 am to Mr.Perfect
I know, doesn't make sense, so how do those who are strictly commission based get approved?
Posted on 5/12/15 at 9:10 am to 610man
With a credible history or a lender who will "buy the story".
And I don't mean that in a bad way.
And I don't mean that in a bad way.
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