Applying for a home loan with new commission-based job

Typically will need three years of tax returns to support your commission income stream. 20% down goes a long way to helping you secure a loan despite the cash flow volatility.

They'll ask for a copy of your bank statements if your income flows through them. If you flow them through biz bank statements, they'll ask for copies of them. They're typically looking for 2 years so if you don't have that, you'll have to supplement with W-2's from beforehand or a hum-dinger of an LOX as to why you had no documentable proof of income prior to this gig.

Normally they'll only allow you to take a % of the deposits when you're 1099. So if you're getting $6K/month deposited, do not expect to be able to list $6K/month as your income for DTI purposes. Look for somewhere between 65-75 or so more than likely.

Depending on your bills and credit score, this will impact the amount of house you can buy obviously. Just do your homework.

You are going to need 2yrs of commission history for the lender to consider the income. If your are 100% commission the normal rule is 75% of the 2yr average. how long have you been on the job?

Do you have a draw now? If so they will go off of your draw if you just started.

Let me start with the hard truth. You will not be approved for a loan until 2017 at the earliest if you start a 100% commission position.

Come 2017, it's possible to go Freddie Mac, lender will require a 1 yr tax return. Your issue will only be 6 months of 2016 working on commission only. They will likely divide the income by 12 months. So unless you kill it in the next 6 months, you will likely have to wait until 2018. This assumes you are not on salary in anyway