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Can I qualify for FHA if my monthly income is not 31% of my mortgage?

My yearly salary has comission which shows that I am qualified for the monthly mortgage being 31% of my income. However with my monthly income it doesn't show that. Can I still qualify for FHA?

  • January 11 2011 - Hialeah
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Answers (4)

Hi Jennifer,

The short answer is yes...you can still do this.  There are caveats, such as how long have you received the quarterly commissions, etc...but a seasoned mortgage professional will lead you through the process with ease. 

If someone is suggesting that you cannot get this loan simply due to the Debt Ratio being 31%, I would recommend a second opinion.  There are still several lenders available who offer guidelines without additional (internal) guidelines.  It's possible that you've spoken with someone who has such guidelines in place.  If you would like additional information, please feel free to contact me.
  • January 11 2011
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Hey Clay

I'm saying that my yearly salary shows that I can make enough money monthly to pay my mortgage, because its less than 31%. However, if you look at my monthly income it shows otherwise. Why? Well because I make quarterly commissions and have a base salary.

thanks,
jennifer

  • January 11 2011
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If you are saying your income for the last 2 years includes salary and commission and your debt ratio is 31% based on that, then you will qualify as long as your total debt ratio is inline. Are you saying your last paystub in Dec does not reflect the total income, only salary portion?    

  • January 11 2011
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You may be able to based on automated underwriting systems- contact a good mortgage person!  there are still quite a few Mortgage brokers getting things done that other lenders can't! 
  • January 11 2011
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