Posted on: 27th Mar, 2012 07:07 am
Hi everyone,
I'm looking to purchase a house in the next 4-6 months. I'm 23, and have only been in the workforce for about a year. I would be able to put down approx. 30-40% of the purchase price of my home.
My income is based solely on commission. I doubt I would be able to get a mortgage loan by myself. How much weight would a co-signer have in being approved for a loan? My father has agreed to co-sign a loan, and his financial well-being is very stable. Given my limited time in the work force and limited net worth, would more drastic steps be necessary beyond a co-signer?
Thanks
I'm looking to purchase a house in the next 4-6 months. I'm 23, and have only been in the workforce for about a year. I would be able to put down approx. 30-40% of the purchase price of my home.
My income is based solely on commission. I doubt I would be able to get a mortgage loan by myself. How much weight would a co-signer have in being approved for a loan? My father has agreed to co-sign a loan, and his financial well-being is very stable. Given my limited time in the work force and limited net worth, would more drastic steps be necessary beyond a co-signer?
Thanks
If you are paid soley on commisisons, then the lender would require to see 2 year average of income. You may be able to get a lender to approve you based on 1 years tax return. If not, you could try for FHA and have a parent co sign for you. Worst case, putting 40% down, you would be able to get a private loan for the purchase. Good Luck
