Can I buy a home with commission income?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Yes. Commission income counts when you have a two-year history, averaged over that period. If commission is more than 25% of your pay, lenders weight the two-year track record heavily.
A strong recent year won't fully count if the prior year lagged, since lenders average them. Bring two years of tax returns and recent pay stubs and we'll calculate your qualifying commission income.
How commission income is counted
Commission pay counts once you have a track record. Lenders usually want two years and then average it. A strong recent year cannot fully offset a weak prior one.
If commission is more than 25% of your pay, expect full tax returns in the file. Steady earnings make this simple. Swings make lenders cautious.
Realtors and sales pros in Florida
Plenty of Florida agents and sales pros buy homes on commission. The paperwork is just more detailed. We know exactly what underwriters want.
Bring two years of returns and recent pay records. We calculate a defensible income figure and build your budget around it.