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Hello, I'm 22 years old and I am looking to buy my first home. I've rented before and understand how much of a waste of money it is to do so. I'm looking to buy a cheap foreclosed or HUD home, and continue to live at my parents house while I fix the house up before moving in. The loan I'm looking for will be between 30k-50k for the house (living in Michigan houses can be found very cheap). Problem is I am a mechanic and my pay is strictly commission based. Every loan agency I've called wants at least a two year history on my commission based pay. But, I've only been commission based for the past year (almost to date). A few offered a loan to me if I have someone cosign on it...but I'm not willing to do that. I had one credit union offer me a loan but only with an adjustable rate. I'm a little nervous about an adjustable rate loan, so I'm not sure I'm comfortable going that route. Does anyone have any suggestions for me? Is there any way I can get someone to give me a loan on only one year commission based pay? My credit is really good, never had a late payment. Any suggestions would be greatly appreciated. Thank you.

gmakerley · Posted: Wed Oct 14, 2009 5:09 pm Post subject:

get over your nerves on the adjustable rate. it's not so bad as long as it's a reasonable one. check it out further and seek the history of the index to see how stable it is. it's your best bet, without doubt.

cosigner is not a bad idea, either. you won't get anyone to look at your 1 year history favorably. maybe 5 years ago (maybe not) - this is a new era and we all need a reality check.

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Commission based pay job and buying a house...