Monday, December 12, 2011
I am looking for home loan advice with a commission based job?
We are looking to be approved for a home loan for around 165000-180000$ . My husband has a commission based job and has worked with that company for 18 months now. He generally makes and average of 3500-4200 a month before taxes. At the end of last year he had an average sales per month of 3500 dollars and currently for this year has a 3980 average per month. He also has second job that he does 10-30 hours a month but that job is base pay. . usually takes home around 300-400 dollars extra a month from that. He has had that job for 4 or 5 years. I don't have a job currently but my parents legally gift me about 1400 dollars a month. (700 each) But sense i legally don't pay taxes on that gift can i use it toward a home loan. also would we be able to get a FHA or 100 percent financed loan ? We don't have very much other debt. We use a credit card each month but always pay it off when it is due. We both have a car lease and together pay about 550$ a month to that. We make all are payments on time and both have credit scores above 700. so i guess the main things we would have working against us is that he has not had his commission job for a full 2 year but since it is only a couple month shy of 2 year and when we would close it would be even closer will they still consider his commission as income ? Is there a way to use my gift money since it is regular and legally not taxable? sorry for all the information. -please give helpful advice -thank you
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