Don’t meet income requirement for conventional mortgage

[David Denzy]

I am a 2020 college graduate and I just started my career as a commercial real estate agent. I am on a team in Columbus Ohio focused on Manufactured Housing. I chose the career as a vehicle to ownership and to learn about deals. I live in the city of Columbus and there are some affordable and robust neighborhoods around the city. I want to start with purchasing a single family home. I’ve spoken with multiple lenders who have told me that my commission based salary is no good to lend on because they need 24 months of commission to prove income stability. I’m ready to buy a house now. I’m not worried about meeting the debt service. I’d work weekends at a bar if needed. Looking to purchase a cash flowing property (I have 3 years PM experience while in college). I’m getting pretty good at analyzing deals, especially since I’ve began underwriting commercial deals. I don’t want to wait two more years to begin building wealth but cant get a conventional mortgage on my own. Does anyone have any references or tips on using someone else’s credit profile (my older sister who’s been on salary would be mine) for getting pre-approved for a home?

[Remington Lyman]

Originally posted by @David Denzy:

I am a 2020 college graduate and I just started my career as a commercial real estate agent. I am on a team in Columbus Ohio focused on Manufactured Housing. I chose the career as a vehicle to ownership and to learn about deals. I live in the city of Columbus and there are some affordable and robust neighborhoods around the city. I want to start with purchasing a single family home. I’ve spoken with multiple lenders who have told me that my commission based salary is no good to lend on because they need 24 months of commission to prove income stability. I’m ready to buy a house now. I’m not worried about meeting the debt service. I’d work weekends at a bar if needed. Looking to purchase a cash flowing property (I have 3 years PM experience while in college). I’m getting pretty good at analyzing deals, especially since I’ve began underwriting commercial deals. I don’t want to wait two more years to begin building wealth but cant get a conventional mortgage on my own. Does anyone have any references or tips on using someone else’s credit profile (my older sister who’s been on salary would be mine) for getting pre-approved for a home?

 Get a family member to co-sign. None of mine will so I am stuck with purchasing cash and commercial lending