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Real Estate Home Mortgages/Short job time & commission based pay


Short synopsis of my situation:

Good news first:
1) I have great credit, FICO score of approx 770
2) I am putting 30% down; house is $420k, down is $120K
3) It is a new build
4) I currently have a mortgage as well as second mortgage that will be paid off when I sell my current home

Bad news:
I am leaving a job I have been at for 3 years 9 months as a sales manager at an auto dealership, income has been hovering at about $175K per year on a commission based pay plan, and I will be starting a new job as a sales manager at an auto dealership that is also a commission based pay plan that is offering,at current levels approx $195K per year.

I need to move closer to my new job, so I will sell my current home and pay off my mortgage and home equity line. Is there any bank, funding institution that can help me with short job time and commission based pay plan.

Thank You

Technically, you will still qualify with the new job's income.  But since things are a wee bit tighter these days, if you were on the new job 6 months that might help.

I think it really will come down to what the new employer can9or is willing to say) in an employer letter.  While I don't expect them to guarantee anything, I would hope that they can show the similarities in their compensation package with your previous one.

I, personally, left one job selling computer parts and started a new job selling computer parts while in the mortgage process. So I know it can happen.

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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Tom Burris


I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.


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