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Loan Options and/or Approval %

My wife and I make roughly $120,000 annually and have 0 debt. We have an $800 car payment divided basically 50/50 between the two of us. That being said I make a salary of 50K + commission and have been at this company for 4 month. My wife is a 1099 employee and has been working for less than two years.

 

In all the information we have been given it seems to me that according to a bank we make $50,000 combinded allowing us to purchase a @150,000 home. (we are looking more in the 380,000 – 415,000 range)

 

I have a 730 CS and my wife has a 754 CS on Equifax and are +/- 10 points on the other 2 agencies.

 

We have roughly 25,000 to put down. Are there an loan programs that would allow us to count all of our income? 

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September 16 2013 - Tampa
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Answers (3)

Salary is salary and commission is commission and you can't treat the two the same. If you are on salary, then I must calculate that income as your base. Then I have add your commissions for the last two tax years (2011 and 2012) and divide it by 24 months. If by chance you file quarterly taxes, then we can factor in your YTD into that 24 month equation. If you do not have a 2 year history of commissioned income my hands are tied (unless you file quarterly). Same goes for bonuses.  If you need further clarification, please click on my profile.

Best of Luck.
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September 16 2013
Profile picture for wetdawgs
These two statements appear to be contradictory:  "have 0 debt. We have an $800 car payment divided basically 50/50 between the two of us."
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September 16 2013
Your commission is not going to count for awhile unless you can show a track history of receiving in the same line of work from your previous job.  How close to two years is your wife on her job and how long has she been in the field.  There is a slight chance you could get away with her last year tax return numbers along with your $50k as countable income.
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September 16 2013
 
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