Getting a mortgage as a RE Agent?

2 Replies

I'm currently in RE School and I was curious if lenders give RE Agents a hard time when it comes to income. All of our pay is based on commissions so what do lenders look at? Do they average all the months out to find the Gross Monthly Average? How long will lenders want you to be a RE Agent before considering you for a loan? thanks for the info guys!

Trying to get a loan as a real estate agent is the same as any self employed person, except you will know the ones that will be more likely to give you a loan.  I believe it is typically 2 years of tax returns to prove income.  As part of your job of lead generating (because, believe me, your job isn't selling homes, it is lead generation), you will be meeting regularly with mortgage lenders to win THEIR referrals.  Ask them what their programs are.  Each lender may have different loan qualifications.  There are also contacts right here on the forum!

Good luck and keep us up to date on your real estate adventures.

Originally posted by @JOAN DICKIE :

Trying to get a loan as a real estate agent is the same as any self employed person, except you will know the ones that will be more likely to give you a loan.  I believe it is typically 2 years of tax returns to prove income.  As part of your job of lead generating (because, believe me, your job isn't selling homes, it is lead generation), you will be meeting regularly with mortgage lenders to win THEIR referrals.  Ask them what their programs are.  Each lender may have different loan qualifications.  There are also contacts right here on the forum!

Good luck and keep us up to date on your real estate adventures.

Bingo!

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