We net 6k a month. Broker says only 1600 is income? Wifes comission doesn't count ie. 1.2 yrs. I hired onto a new company in same field

Asked by Rbgilland@yahoo.com, 40245 Mon Oct 8, 2012

(10yrs) Why are the numbers so far off?

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Irina Karan, Agent, Aventura, FL
Tue Oct 15, 2013
Banks look at 2 past years and current YTD in net income for self-employed individuals.
The current year should be equal to the previous year or better - in income, or the lower of 3 years will be counted as income.

Usually, it is 2 full years.

Have your loan officer to check with another lender about your switching in the same industry -
it may not be an issue.

Hope for your sake 6K per month was net, not gross income...because banks only look at the net income.

Some deductions could be added back - so I'd look for a 2nd and 3rd opinion - to make sure
you get the best info.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
Miami, FL
0 votes
Lisa Reeves, Agent, Tampa, FL
Mon Oct 8, 2012
It's really hard to say with the information you have given. You did not say how you are paid, w-2 or 1099. You will be able to start using your wife's income soon right at about 18 months but it will be averaged between the two years depeding on if she has upward trend to her income. If you are paid differently at your new place base plus bonus or commission, then any bonuses or commission will not be counted until about the 2nd year just like the commission your wife makes. It sounds like this may be the case for you based upon the information you have given.
0 votes
Alma Kee, Agent, Tampa, FL
Mon Oct 8, 2012
Contact GTE Credit Union and/or other credit unions. They lend their own member's money and will make a business decision.

I even had one tenant that got a mortgage from GTE only 3 months after closing a short sale!

All the best,
Alma Rose Kee, PA
Future Home Realty
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Oct 8, 2012
You need to look into the Stated Income ALT loans

see programs here: http://www.StatedIncomeAlt.com

0 votes
Nadine Mauro, Agent, Lake Worth, FL
Mon Oct 8, 2012

You may need to look for another mortgage broker. I suggest you call someone else for help.
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Mon Oct 8, 2012
Commission income needs to be established for at least 2 years/tax returns before it can be used as income. Not sure if you're saying she has been commission for 1 year 2 months or 1 to 2 years.....it isn't just a matter of how long you have been in the same field but how long you have been with your employer and if you had any breaks in employment.
0 votes
1 year 2 months for my wife. I am an otr truck driver. I havn't had any breaks in employment. I'm able to work whenever and how much I choose. I took some time away from my employer and worked local in Tampa for 4 months. I was still employed with the first company though I didn't haul any loads for them. I decided not to run local anymore and started hauling for my company again. It's like I had 2 jobs for that time. That subsequently makes my year to date appear low on my paystubs. They didn't accept the stubs from the 2nd employer. Not sure if that makes since. Thanks!
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Sameer Punja…, Agent, Vallejo, CA
Mon Oct 8, 2012
I don't know, did he ask for your taxes? Ask him and see what he says.
0 votes
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