Also, it can be hard to find, but some sellers may consider owner financing for a few years while you build consistent income and improved credit. Let me know if I can be of help.
If its commission income, what lenders will do is average out your commissions over the past 2 years. Being that we're only in April and your previous tax years income was very low, you most likely will not have enough to qualify.
But if your current year to date income is base salary, you have a much better chance that we will use your current income as the qualifying income. So if from January to current date, you've received paystubs that indicate a monthly income of $5,833.33 ($70,000 a year), then that's what the bank will use without averaging with the lower income you reported the previous years. Obviously, there are several things we must look at regarding your current employment situation as well.
I really think you should meet face-to-face with a Loan Officer and allow him/her to review all necessary documentation and see if you can get pre-approved for a mortgage. I'm always available, I have several branch offices in Queens that we can meet in. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
What you need to do is first find a Realtor you trust and then they can match you up with a lender who specializes in the type of loan that best meets your needs. Many lenders claim to be a one stop shop, but in reality, some have better programs for certain buyers and a Realtor has the flexibility and knowledge to refer you to the right specialist. Ask friends and family, read testimonials from previous clients and call references. This is the biggest purchase of your life, you want to do your homework on who you are dealing with!
Then as a team, your lender and Realtor will help you achieve your goals. Call me and I can find a good Realtor you can trust. Even though I live in Colorado, I have an awesome referral network and I will be your advocate to find the right team! Check out my testimonials :)
Owner / Broker