Credit Score 778... ✔️
Liquid Capital... ✔️
Great/Good Income... ✔️
Income Is 100% Commission... ❓
Stopped working for two years, just got back into W2 life in January... Any ideas for financing... I'm sure PM/HML are options, but what about small banks or credit unions... Would they touch me for investing?
Located In Charlotte, NC... Please advise...
Is the same line of work which you work before or different?
Same... But went unemployed for 3-4 years...
I had this problem a few years back when starting a commission only job. A couple ways to get around it are:
1. Get your employer to switch you to a salary based pay. If you make $1,000 per sale and have been averaging 6 per month, ask for a fixed salary of $4,000 per month with a bonus of $1,000 for every sale you make over your monthly sales quota of 4.
2. Find a co-signer who trusts you and is willing to sign with you. Consider offering them some compensation if you're having trouble getting one.
Walk into a local bank, sit down, and start a relationship. See what you need and work towards it.
@Iqwe H. , what type of financing do you need? Conventional mortgage for long-term hold? Or would private hard money do?
@Iqwe H. I'm not totally clear about your work history: 100% commission > unemployed > W2 position (same industry you were commissioned). Is that correct?
@Matt M. I will be doing just that asap!!!
@Matthew Tringali both... Depends on the deal...
@Michael Cohen I'm currently a W2 employee, but it's a 100% commission job... I've been employed since 1/1/17... I mentioned 2 years of unemployment before this new hire to state the fact that my tax returns won't show income for 16-15...
Got it; for a 100% commission job (even if W2), you'll need at least two years in that position for a standard QM loan that's looking for ability-to-repay. Meaning people like me.
There are some lenders out there that will do bank statement loans, utilizing on the past 12 months. Banc of California is one. Outside of that, you're looking at PML/HML.