Home Buying in 30025>Question Details

Jake, Home Buyer in Conyers, GA

How can I buy a house? I'm sick of apartments!

Asked by Jake, Conyers, GA Mon Dec 22, 2008

What options do I have in getting a mortgage if a loan agent flat out told me I can't get a home loan due to my employment position. I am paid strictly off of commission and I have been working at this job for about 6 or so months now. It is a steady income and not sales based. Is there any alternative to get a loan? I'm wanting to find a property in either the Social Circle area, Monroe area, or Loganville area for under 90,000.

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Well, I've found a house that I'm very interested in which only costs 57,900. I've gone and looked at it and basically the only thing holding me back is a loan. Is there any possible way I can make this happen? Thanks for all of your answers!
0 votes Thank Flag Link Wed Dec 24, 2008
Jake,

You might qualify for some special financing since you are looking in rural areas. The problem, from what you put in your question, is that you have only been at this job for 6 months.

What you need is a good Loan officer like Theresa Laine (770-891-4121), who will walk you through the process and not just tell you NO. She may say, "Not right now..." but she'll also tell you what you need to do to get in position to buy.

Good Luck
0 votes Thank Flag Link Tue Dec 23, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
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Jake,

Since you are a 100% Commission paid person much like I am as a realtor you would need to get a loan based on stated income.

Typically for a stated income type loan you would need at least 2 years of tax returns to qualify. This information will prove to the lender that you have a consistant and steady income. It's a tougher qualification than normal and even tougher since lending restrictions have tightened up.

I would be happy to connect you with one of my lenders so that you may get a second opinion.
0 votes Thank Flag Link Mon Dec 22, 2008
Jake,
One option would be "seller financing" - where the seller acts as the "lender" to finance your purchase.

There is also a "lease option" - where you lease a property that you agree to buy at a future date.

Truly, we would advise you to consult with a real estate agent to find viable options in the areas you are considering. Then, the agent could keep you advised of properties where the seller will work with you to accomplish your goal of home ownership.

If you would like an agent in those areas, please let us know and we will be happy to connect you with that agent.
0 votes Thank Flag Link Mon Dec 22, 2008
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