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Updated over 3 years ago,
Can I even get into REI?
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.