Home Buying in New York>Question Details

Geneviere, Home Buyer in 11420

I don't have a high income on the books for the last two years, but have about $25k for a down payment with credit of 710. How hard is it to get?

Asked by Geneviere, 11420 Sun Apr 14, 2013

loan? I am a young(24) commission based professional, but did a lot of part/full time work off the books, which was the bulk of my income. This year I will have most of my income on the books (about 70k) compared to the last to years hovering around (10-15k). I would like to buy my first property later this year.

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Relying on a licensed mortgage professional is indeed your best option.

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.
1 vote Thank Flag Link Sun Apr 14, 2013
For an accurate and personalized answer you really should be consulting with any licensed loan officer; don't just rely on online opinions; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Sun Apr 14, 2013
So 2011 & 2012 you reported your commission income only, which amounted to about $10-15k. Now, the income you're earning since January of 2013 on the books, is that commission income as well or is it salary income? If so, is it with a new employer or new position? Need this info.

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!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Sun Apr 14, 2013
Hi Geneviere!
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 :)

Dena Schlutz
Owner / Broker
Estate Professionals
303-588-7532
0 votes Thank Flag Link Sun Apr 14, 2013
Best Answer Dena
Flag Mon Apr 15, 2013
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