Getting Conventional Loans As An Agent

[Tyler Laugherty]

Hello all - Okay so first a short summary...

My current job (which is in no way real estate related) is probably going to end within the next 6-8 months.  My wife, who has been a stay at home mom for the past year, is thinking of becoming a real estate agent.  As we begin our investing career it is very possible that less than a year from now she will be the only one with a job while I hussle to put investment deals together and manage them.

So my question is this:  How long would my wife as new real estate agent have to work (and how well would she have to do) before a traditional bank would give us a conventional loan?

Thanks!

[Zach Sikes]

Great question, and congrats on getting into real estate!

Most lenders will require two years of tax returns and average your taxable income.  If you write too much off and don't show any income, it will be hard to qualify.  It took me about 3 years before I could qualify on my own for proeprties, but now there is no problem at all.