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Updated almost 5 years ago,
How to get pre-approved with commission income less than 25%
QUESTION: What does the approval process look like when commission makes up about 15% of your income, and the rest is a base salary?
I’ve read that when commission accounts for 25% or more of one’s total income, lenders typically will want to see at least two years of employment at the same job.
I am a recent college-grad and have only been in the workforce for about three months. Commission accounts for roughly 15% of my income. My goal is to purchase my first house hack this summer. Will I be able to get approved?
Thanks in advance!