Ok, so my husband and I would like to sell our house and buy a larger one. I am a housewife and have no income and my husbands credit score is slightly higher than mine (his is around 700), so we were advised that I shouldn't be on the mortgage. My husband works in sales and has earned excellent money (in the 6 figures) for the past 5 years now. He worked for 4.5 years at his last job and recently left 3 months ago for another job that pays him more. With his last job, the pay was made up of a small hourly rate + commission, but around 90% of his pay was commission. This new job is 100% commission.
So we went to the bank today to prequalify for a mortgage The same loan person that approved us last time now says she cannot qualify us because my husbands income is too low for a $300k house with $50k down (financing $250k). She is now only going off of that small hourly rate my husband was earning at his previous job, rather than what he actually earned for the past few years. I thought that to be in error as last time she asked for pay stubs, bank statements, etc. She said his job now wouldn't count at all because he has no 'proveable income'. We had no issues like this 3 years ago when we bought or home…
Can someone give me some insight?
Read more: Qualifying for Mortgage with a Commissioned Job?
