Refinancing hard money loans

[Jaimie Abert]

I was recently laid off and lost my w2 job, and am moving into a commission based position. I was intending on buying an investment property, which I’ll now do with a hard money loan. It’s my understanding that I would want to refinance the hard money loan later to get out of the higher interest rates, but will I be able to refinance to an investment loan if I don’t have the w2?

[David Kelly]

Per Fannie Mae guidelines....

"A minimum history of 2 years of commission income is recommended; however, commission income that has been received for 12 to 24 months may be considered as acceptable income, as long as there are positive factors to reasonably offset the shorter income history."

Another factor that plays into this is what percentage of the income is commission?  If its 50% or more, then this above applies.  If its less than there may be another way.  Is it the same type of industry?