Jump to content

Underwriting queston


rugdogone
 Share

The last post in this topic was posted 3755 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

My question is simple and complicated at the same time, will 1 year 3 months commissioned w2 pass muster for underwriting?

 

I have worked for the same company for over 8 years, but in different capacitys. 2 years as a1099 tech, 3 years commission w2, 2 more years 1099 tech, then 2 years full time student (with full documentation) then since november of 2012 as manager w2 commissioned, all with the same company. (Upon comming back from school, i recieved seniority, and a promotion)

 

I have always been a team player for my company, and loyal, willing to fill gaps as needed. It seems my willingness to fill those gaps is hurting me in my quest for a mortgage.

After speaking with 2 different banks, and 3 brokers, i am told i must have 2 consecutive w2s if they are commissioned. Reguardless of my work history with the same company.

 

I got off the phone with a 3rd mortgage company last night, and they said this should be no problem, the lenght of time with the same employer would compensate. Is this possible? This rollercoaster of no, no ,no yes is mindnumbing.

 

I was also told i need to have a contract in place before applying, which we have found a home we want, but do not want to be a guniea pig for a over zelous LO.

 

48k income, 661 pulled score (from a bank), very low dti, looking for 116k w/ 5k down, FHA. no debt other than a car loan.

 

 

 

 

Link to comment
Share on other sites


Thank you for the response, my base is not big enough to matter.

 

Is it possible for 1 yr 6mo. to be averaged?...

 

I ran the numbers, and if i count the social security i recieve (documented), 1k mo. and a year and a half income averaged out to two years my front and back end is still good enough to get the house i want.....46k +12k

 

The reason im bulldogging this issue, is it is the only thing holding me back, and wells fargo LO said i should be able to get it through with 14-16 mo employment, and roundpoint said the same.

 

I am just trying to avoid additional pulls over a 3 month period that i do not need.

 

Also, for my better understanding, why can't i count any of the previous 3 years commissioned income from the same employer as a track record??... becouse they are not consecutive?

 

I do have the belief that almost anything can be done if one sets their mind to it and does not give up.

 

Link to comment
Share on other sites

i was looking at the USDA guidlines and they say 12-24 months commission is acceptible. I also tried to read the FHA guidlines, (like reading the warren report...gasp) and they are strict on less than one year commission, but it was confusing on more than one year but less than 2 years.

Link to comment
Share on other sites

The last post in this topic was posted 3755 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      187987
    • Most Online
      2046

    Newest Member
    Edutainerre1791
    Joined
×
×
  • Create New...

Important Information

Guidelines