Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

General Area in Madison : Real Estate Advice

  • All77
  • Local Info10
  • Home Buying29
  • Home Selling3
  • Market Conditions3

Activity 1
Sun Apr 1, 2012
Lending guidelines require that commission income must have been received at least 24 months before it can be deemed stable enough to use as qualifying income. All mortgage lenders must follow the same HUD guidelines for FHA loans.

HUD states that:
"Commission income must be averaged over the previous two years. To qualify with commission income, the borrower must provide
· copies of signed tax returns for the last two years, and
· the most recent pay stub.
A borrower whose commission income was received for more than one year, but less than two years may be considered favorably if the underwriter can:
· document the likelihood that the income will continue, and
· soundly rationalize accepting the commission income."

If you have been receiving it for less than 12 months, then you would need meet the FHA guidelines above at this time.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
0 votes 2 answers Share Flag
Search Advice
General Area in Madison Zip Codes