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Updated almost 4 years ago,
FHA loan process for agents or other commission based salaries?
Hi
I've been reading into creative financing options to get started in REI. I am pretty attracted to the FHA loan and 203k loans.
I've started to repair my credit. I've been putting a significant amount of my income in savings. The challenge I am running into is this: I operate an LLC that does contracting work. The income is very inconsistent. Although I make good money, it's not traditional and can't be easily tracked down like a lender may do.
So, I’ve put some thought to getting employment for a year or two as a salaried employee/W-2 employee. My first thought is to get my license and work as a realtor for a brokerage...
But I see that I may run into the same issue. How is the loan process for an agent (who works on strictly on commission) or other commission-based jobs that can have sporadic income?