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Getting approved for a loan and working full commission job
Posted on 5/15/13 at 12:33 pm
Posted on 5/15/13 at 12:33 pm
Im going to be going into a sales position that is full commission soon with my company. there is good money to be made but it leaves me with no base salary for a lender to do an approval with.
is this the norm?
is this the norm?
2
Posted on 5/15/13 at 12:37 pm to King of New Orleans
They will just want to see pay stubs that's all.
Posted on 5/15/13 at 12:38 pm to King of New Orleans
Without a history of earnings in the job (2 years) you are FUBAR with a conventional lender. They aren't going to touch it. Sorry to be the bearer of bad news but it's going to be treated the same as if you were a self-employed borrower. No history, no money.
Posted on 5/15/13 at 1:12 pm to VABuckeye
This is correct.
Posted on 5/15/13 at 1:20 pm to iknowmorethanyou
so after 2 years of earnings to show commission, they can work with you, correct?
Posted on 5/15/13 at 1:23 pm to King of New Orleans
quote:
so after 2 years of earnings to show commission, they can work with you, correct?
Pretty much. You can also show them your 1099 since your income will generally fluctuate month to month.
Posted on 5/15/13 at 1:51 pm to King of New Orleans
quote:
so after 2 years of earnings to show commission, they can work with you, correct?
Wait, you made it sound like you've been with this company for a while and are just changing jobs.
Why can't he show them the last 2 years when he was salaried?
Posted on 5/15/13 at 1:59 pm to OldSouth
Because he is full commission now. That guaranteed salary has no bearing on 100% commission income.
Posted on 5/15/13 at 2:14 pm to ds1tiger
quote:
Because he is full commission now. That guaranteed salary has no bearing on 100% commission income.
Yeah, I get that, but he isn't being asked for proof of FUTURE earnings right?
Posted on 5/15/13 at 2:22 pm to OldSouth
you cant show proof of future earnings..you will have to wait 2 years that way they can average you income and they will only take 75% of that income because your full commision..i know it stinks but welcome to my world of fannie underwriting..
Posted on 5/15/13 at 2:34 pm to OldSouth
quote:
Yeah, I get that, but he isn't being asked for proof of FUTURE earnings right?
Underwriters are literally going to treat it like a new job with no earnings history and no way to determine future earnings.
Posted on 5/15/13 at 3:00 pm to VABuckeye
Yep. I've been 1099 for several years. Just changing the broker I work for was enough for the lenders to deny us even though I had previous work history. This is why I created my own LLC. Broker(no matter who it is) pays my LLC and my LLC pays me. My LLC issues me a 1099 not the brokers. Point being the lender won't ever know all the different projects or brokers I did work for. A lot of people in my profession do this because otherwise we would not be able to get a loan for anything.
Posted on 5/15/13 at 3:47 pm to Evolve
quote:
Point being the lender won't ever know all the different projects or brokers I did work for
I did a loan for an Irish music singer years and years ago. The hoops the poor guy had to jump through to get the loan was ridiculous even back then. We had to have current contracts from every bar he played at in addition to proving his previous income via tax returns.
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