Do I need two years of job history, and can I use overtime, bonus or commission income to qualify?
Most lenders prefer to see a two year job history to demonstrate stable income, but exceptions exist. If you recently changed jobs in the same field or received a promotion, that often works. Gaps or frequent job changes may require explanation. Overtime, bonus, and commission income can typically be used to qualify, but lenders usually want to see a two year history of receiving that income and may average it over that period. If the income is declining or irregular, they may discount it or not count it at all. Each loan program and lender has different standards. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on credit and pre-approval
- What credit score do I need to buy a house?
- How do I get pre-approved for a mortgage and when should I do it?
- What is the difference between pre-qualified and pre-approved?
- How can I raise my credit score fast before buying?
- What documents do I need for a mortgage pre-approval?
- Can I buy a house with bad credit or after a bankruptcy?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.