First time homebuyer with questions | TigerDroppings.com

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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5173 posts

First time homebuyer with questions



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 my previous 2 years of income is no longer valid, right?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







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Salmon
USA Fan
On the trails
Member since Feb 2008
28508 posts

re: First time homebuyer with questions


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






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5173 posts

re: First time homebuyer with questions


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.





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SpidermanTUba
LSU Fan
Member since May 2004
29768 posts

re: First time homebuyer with questions


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)



This post was edited on 9/16 at 5:04 pm


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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5173 posts

re: First time homebuyer with questions


I'll be buying in Baton Rouge





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SpidermanTUba
LSU Fan
Member since May 2004
29768 posts

re: First time homebuyer with questions


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 at 5:29 pm


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HailToTheChiz
Auburn Fan
Behold, SKYWHALE!
Member since Aug 2010
8156 posts

re: First time homebuyer with questions


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






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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5173 posts

re: First time homebuyer with questions


Who'd you get your loan through? Are you full commission?





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HailToTheChiz
Auburn Fan
Behold, SKYWHALE!
Member since Aug 2010
8156 posts

re: First time homebuyer with questions


no, im not commission....i went through 1st federal





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1969 posts

re: First time homebuyer with questions


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.





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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5173 posts

re: First time homebuyer with questions


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.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1969 posts

re: First time homebuyer with questions


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.





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
71147 posts
 Online 

re: First time homebuyer with questions


Is 20% mandatory on investment(rental) property?





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1969 posts

re: First time homebuyer with questions


yes sir





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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
124 posts

re: First time homebuyer with questions


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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