Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

User Stats

7
Posts
2
Votes

Can I even get into REI?

Posted

I'm a FTHB and I've been scouring an area I would like to buy. I made a post yesterday about being able to qualify for Fannie Mae due to my commission only job.
The roadblock I seem to keep running into is the fact that I have had two company changes in the last 30 months, but it is the same positions. I inquired about having a co-borrower, who would be my employer, but as he has only owned his company for less than a year he is unable to be pre-qualified through a lender. 
I've talked to hard money lenders, big lenders, local lenders in the area I want to buy, and I haven't gotten anywhere. I seem to be hitting roadblock after roadblock due specifically to my employment history. I will be switching companies AGAIN in a few weeks, but the company is still owned by the same employer. If I get an offer letter with estimated/projected earnings, would that be able to help my ability to get a lender?
I don't have the money to go without a lender. Are there creative financing options for me? From the loan officers I've talked to over the last two days it seems as though I would need to have at least 24 consecutive months of employment history through commission only in order to get approved. 

Loading replies...