Financing for Real Estate Agent
10-15-2004, 04:28 PM
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Financing for Real Estate Agent
I am a Realtor and I get paid completely by commision. Does anybody know what I need to do to get financing? Has anyone else had a similar situation?
Thanks
Thanks
10-15-2004, 06:39 PM
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Re: Financing for Real Estate Agent
I take it you haven't worked there very long?
While I'm not certain, I would think a few "steady" years showing a decent income would work. Or, you could save your butt off and I think (here anyway) if you have 20% down they don't look so closely. Or, there's the not so nice thing where you'd "pay" full market value on the house but only mortgage 75ish percent of the value. You'd have to compensate the sellers for the property gains. But you didn't hear that last one from me. I think that's highly frowned upon.
While I'm not certain, I would think a few "steady" years showing a decent income would work. Or, you could save your butt off and I think (here anyway) if you have 20% down they don't look so closely. Or, there's the not so nice thing where you'd "pay" full market value on the house but only mortgage 75ish percent of the value. You'd have to compensate the sellers for the property gains. But you didn't hear that last one from me. I think that's highly frowned upon.
10-15-2004, 08:08 PM
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Re: Financing for Real Estate Agent
Generally they will take a couple of years of taxes and average it out. At least with the mortgages it works that way. What are you trying to finance ?
10-15-2004, 09:11 PM
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Re: Financing for Real Estate Agent
Originally Posted by atxwellcraft
I am a Realtor and I get paid completely by commision. Does anybody know what I need to do to get financing? Has anyone else had a similar situation?
Thanks
Thanks
I depends on what you are financing... Your Credit score is what matters to any lender if your Tax Return shows income and your Score is good 700 plus doesn't really matter.
If you make money but don't pay the IRS you could have a tough time getting any loan.
Do you have a copy of your history? If not you can get one online
http://www.equifax.com
Brad
10-15-2004, 10:48 PM
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Re: Financing for Real Estate Agent
My wife and I are in the same exact position. She has been a Realtor for 8 years and I am a new stay at home dad . . . and marketing director. We have refi'd three loans and bought a new boat recently with no problems. Our FICO's are high as is "her" (=half-mine) income.
You could go for "no doc" but your rate might be a bit higher, or show taxes for a couple of years. It is not as difficult as you think. You are a small business owner, just like many on these boards. Realtors are no different.
I'm sure there are many lenders on this board who will step up and take the time to help out an OSO brother, as well, I have a wonderful girl who has handled most of my wife's business for years.
Great luck!!
You could go for "no doc" but your rate might be a bit higher, or show taxes for a couple of years. It is not as difficult as you think. You are a small business owner, just like many on these boards. Realtors are no different.
I'm sure there are many lenders on this board who will step up and take the time to help out an OSO brother, as well, I have a wonderful girl who has handled most of my wife's business for years.
Great luck!!
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