Commission Based Job and Financing - Experienced Advice Needed!

[Kate Gagnon]

I need some advice because I'm running into the same problem with working a commission-based job. When I apply for a mortgage, I cannot claim my commission as income until I have two years of commission as "proof" of what I earn.

Here's my story, I work in sales, which is largely commission-based, (I wouldn't have it any other way). I purchased a duplex last year, in which i had to show two years of commission to get approved. I waited patiently and saved, found a property, purchased it, and then made a job change. I am now ready to purchase another investment property, and although I have the cash down, I can only qualify for a mortgage based on my base-salary, which is maybe 1/4 of what I actually take home. This drastically lowers my purchasing power- especially for the northeast, and makes it extremely hard to be able to buy a property this year.

I have read the forums and know there are other options, maybe get a partner, hard-money etc, however I'm wondering if anyone else has personally run into this issue and  what they did- because I don't feel I have enough experience for a hard-money loan or taking on a partner.

Any feedback would greatly help!

-KG