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!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797