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how do my husband and i get a mortgage with a single income that is commission based?

we are a growing family and sold our house in denver, to move back to the midwest and buy a house big enough for a family of 5. if i were to go back to work, it would probably just cover daycare costs, but would it help us get a mortgage?  husband just switched jobs and his last employer was in canada, there is no 1099.
  • December 28 2013 - Geneva
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Answers (6)

Have you considered a state income loan? These types of loan do not require actual income verification through taxes. Instead it looks at your past 12 months bank statements in order to verify your income. This may be a good route you should consider as long as you have a good sized down payment that this type of loan requires. Either way, the best thing for you to do right now is to speak with a lender to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me! 

Good Luck!
  • December 30 2013
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As long as he filed US taxes, you shouldn't have a problem. One thing you may run into though is your husband may have to be at his new job for a certain amount of time and they will calculate the commission income off his new position only. This will depend on your Underwriter and the lender's overlays. I would ask your Loan Officer this sooner than later as to how the Underwriter will calculate income.
  • December 29 2013
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You should be able to get approved, but it would be subject to you providing the W-2's and filing your taxes. Since it's already 12/29, that shouldn't delay you too much, assuming his employer doesn't wait until the last moment to provide the W-2's. I would just be completely ready with the taxes, minus the W-2's, and file right away once received.
  • December 29 2013
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It's a job in the same field and basically the same position, only instead of an independent rep he is an employee. we have yet to receive our w-2 forms from 2013, the mortgage broker we've been working with requires our 2013 taxes to move forward. I was hoping to get approved sooner than later though.
thanks...
  • December 28 2013
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W-2? Did he get a job in the same field? Same position?
  • December 28 2013
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What did your husband document on his US tax returns if he had a Canadian employer but lived (I'm assuming?) in Denver?
  • December 28 2013
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