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Updated over 4 years ago, 08/15/2020

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12
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9
Votes

How do I buy RE if I'm having trouble getting approved for loans?

Posted

My partner used to work a corporate job making $120K/yr - she bought her first home in September 2019 and has since rented it out to cover the mortgage. She moved to a start-up and now makes 60K/yr so her approval amount will be very low. I was working a sales job with a base salary + commission from September 2019-March 2020, then got laid off due to Covid. I became a fully licensed agent by the end of June and have been working in RE since July 1. I'm closing two deals at the end of August, but the lender wants to see 2 years worth of commission so I effectively cannot get a loan (which is kind of ironic imo). The market we want to buy in is very hot - multiple offers on most homes - and we would need $250K-$350K to get what we want.

Has anyone had a similar problem getting financing (or enough financing)? What are some creative ways we can qualify for a loan over $250K?

Thanks!

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