Hi Jen, I’ve been salary for 3 years but I also get a small commission every quarter but they call it a bonus for selling a warranty. My new job will be base salary with commission and bonus. Will I need 2 years or do I already have enough time?
On new jobs, you need a 12 mo history to be able to count any bonus, commission or OT. This is a guideline for both conventional and FHA. You CAN count asap your base salary as is
What if my commission has trended drastically up after the first 6 or 7 months of this job? Would a lender see that consistency and be more likely to approve me for what I’ve made over the last year and not the first 6 or 7 months when I was still training and learning
Great question! There needs to be a 2 year history for commission income, if this is your first time having commission income. If you had a commission job before this one, we need 12 months. We will take the average, so the 6-7 months helps, but it doesn't give enough history, we'd have to use the full 12 months. We will always take the average, unless it is trending downward, then we take that into consideration as well.
Thank you for the awesome video! Could you help me out with a question I have. My situation is: 29K base with commissions averaging 26K…so 55K average total yearly income. I have TWO years of work history but one of those years was salaried and the latest year is on that hybrid plan I mentioned. Do I need to wait another year in order to meet lending standards? Thank you!
Hello! Correct, you have to wait 1 more year, to have 24 mo commission avg total from the time you started earning commission. Unless you can qualify just on your current base, or have a cosigner
Is there any way around waiting the full 2 years considering my income and my wife’s income? I am 100% commission and she is hourly? We also have 10 to 20% down. What are our options?
Hi Callie, great question. There is a loophole, but... you must be at current commission job at least 12 mo, and your PRIOR job has to have had commission. Does that apply to you? Unfortunately, the only other way around is to not be commission, and go to salary only.
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Hi Jen, I’ve been salary for 3 years but I also get a small commission every quarter but they call it a bonus for selling a warranty. My new job will be base salary with commission and bonus. Will I need 2 years or do I already have enough time?
On new jobs, you need a 12 mo history to be able to count any bonus, commission or OT. This is a guideline for both conventional and FHA. You CAN count asap your base salary as is
What if my commission has trended drastically up after the first 6 or 7 months of this job? Would a lender see that consistency and be more likely to approve me for what I’ve made over the last year and not the first 6 or 7 months when I was still training and learning
Great question! There needs to be a 2 year history for commission income, if this is your first time having commission income. If you had a commission job before this one, we need 12 months. We will take the average, so the 6-7 months helps, but it doesn't give enough history, we'd have to use the full 12 months. We will always take the average, unless it is trending downward, then we take that into consideration as well.
@@LoanWithJenwell the job I had before this was base +commission, I’ve been in this commission only job for a year and a half.
Thank you for the awesome video! Could you help me out with a question I have. My situation is: 29K base with commissions averaging 26K…so 55K average total yearly income. I have TWO years of work history but one of those years was salaried and the latest year is on that hybrid plan I mentioned. Do I need to wait another year in order to meet lending standards? Thank you!
Hello! Correct, you have to wait 1 more year, to have 24 mo commission avg total from the time you started earning commission. Unless you can qualify just on your current base, or have a cosigner
sir mujhe sahaj janseva kendra se 200 Rs. Aur Aeps se 300 Rs. ka commission mila hai . mujhe kaon sa ITR file karna chahiye.
Thank you for taking the time to watch the channel
Is there any way around waiting the full 2 years considering my income and my wife’s income? I am 100% commission and she is hourly? We also have 10 to 20% down. What are our options?
Hi Callie, great question. There is a loophole, but... you must be at current commission job at least 12 mo, and your PRIOR job has to have had commission. Does that apply to you? Unfortunately, the only other way around is to not be commission, and go to salary only.
What if the prior job wasn't commission based, but the new job is.
Hi! Thanks for watching. On a new job, with no prior history of commission, you have to wait the full 2 years (24 mo) sorry!