Underwriting queston

[rugdogone]

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.

 

 

 

 

[Brian B The Loan Professor]

You should be able to use your base income w/out commission at this point

to use the commission will require 2 years

B

[rugdogone]

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.

 

[rugdogone]

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.