Home Buying & Real Estate Thread

[ekrev98]

My issue is I have only dealt with one lender to this point who was garbage, chick wouldnt give me a pre-approval letter just said I was approved. So I am going to take my business elsewhere. Honestly finding a realtor has been difficult for me to this point havent vibed well with the people I have met

but to ur question, i am in a similar spot with income but commission is only 40% not 80

lenders have told me that in a sales role they can use to ur total income after being there 2 years. If you have been there less then that then they will run a different calculation which wont be as favorable (usually an average of what you have made over your time there)

Talk to different lenders to see what can be done, hope that helped

What area of SF are you looking? I do real estate/mortgage loans in San Diego and I have a cousin who's a realtor in SF if you are interested.

 

[ekrev98]

Yeah I have only been working full time out of school for 8 months now. At the time of approval I had only been working for 6 months, I had no issues.
I did have prior internships, but I don't even know if they counted those as time worked.

More than likely they will use the average income of the months you worked

 

[kidkidd]

I just got my pre approval letter from Wells Fargo! Been lurking this thread for a minute so at 24yrs old, that **** feels great. I know there's still a long journey ahead but I'm so satisfied in knowing that I could begin searching for the home I've always wanted.

 

[capital sb]

More than likely they will use the average income of the months you worked

They used my current income only. I wouldn't have got approved without it.

@kidKiDd  Congrats man! It is a long journey, but if you are prepared will all of your documents ahead of time it should be smooth sailing.

 

[crcballer55]

I just got my pre approval letter from Wells Fargo! Been lurking this thread for a minute so at 24yrs old, that **** feels great. I know there's still a long journey ahead but I'm so satisfied in knowing that I could begin searching for the home I've always wanted.

My condolences. lol jk

 

[hennessy co]

great thread! I am currently in the process of getting preapproved and have been doing my research on mortgage loans and such. I have fairly good credit 720+ but we'll see what the 3B report shows. Do any of you guys know or have experience with getting preapproved with commission income? I have been salary + commission for a year and read that i need at least two years of salary + commission income to qualify.....do i have to wait until i have two years under my belt or do i have another option? The commission is a huge part of my annual income, i would say 80%....


thanks,

Different lenders have different guidelines. I've gotten loans approved where my clients have only worked for 6 months and prior to that they were college students...and still got them approved to buy their first house.

What state are you in?

i am currently in washington state. but it sounds like it is not favorable until 2+ years in commission which kind of sucks for people who are almost all commission...

 

[ajiiiplatinum]

Im in San Jose CA
I am going to wait and let this bubble or peak come back down again.
Every time people say it aint coming down and every time it does...atleast here in CA anyway. I am sure there are emerging communities around the country that are more stable and whose peaks and valleys are less drastic but not really in CA
Anyway congrats to the new home owners making nice deals
As for me Im gonna wait and see
Even if I didn't want to wait I cant afford a $750,000 house at this point

 

[smokey13]

This is the kitchen you get for a $400K studio in San Francico

 

[monstar]

What area of SF are you looking? I do real estate/mortgage loans in San Diego and I have a cousin who's a realtor in SF if you are interested.

Thanks for offer but not looking anywhere near sf. Hate the city and wud never wanna live there. Jus not for me

Im in San Jose CA
I am going to wait and let this bubble or peak come back down again.
Every time people say it aint coming down and every time it does...atleast here in CA anyway. I am sure there are emerging communities around the country that are more stable and whose peaks and valleys are less drastic but not really in CA
Anyway congrats to the new home owners making nice deals
As for me Im gonna wait and see
Even if I didn't want to wait I cant afford a $750,000 house at this point

South san jose or the east side is ur best bet at this point. And honestly there wud really need to be a big change for the bubble to burst. A number of the big tech companies wud have to leave and even if they did there are a number of startups still hiring. Hard to see a bubble coming anytime in the next 4-5 years especially when you consider that this is where people come for opportunity.

You gotta get in where u fit in

 

[ekrev98]

i am currently in washington state. but it sounds like it is not favorable until 2+ years in commission which kind of sucks for people who are almost all commission...

It just all depends on what you are wanting to do. It's tricky with commission paying jobs cuz one month you will have a great month and maybe a crappy one the next. Waiting 2 years can be favorable cuz you will get an idea of what you are averaging on monthly basis and figure out what youre comfortable in paying per month towards a mortgage. All of this is taken into consideration by the lenders and will determine what your max loan amount would be and to make sure your DTI (debt to income) is below 50%

 

[ekrev98]

Thanks for offer but not looking anywhere near sf. Hate the city and wud never wanna live there. Jus not for me

Ah ok. Just saw Bay Area on your profile so I assumed SF.

 

[monstar]

Ah ok. Just saw Bay Area on your profile so I assumed SF.

All good. I appreciate the offer tho. Sf is ridiculous. I had coworkers who were payin 1200-1400 for a room where i shared the kitchen and the living room and bathroom with 5 other roommates

 

[capital sb]

Had my final walk through yesterday everything looked great only some small cosmetic fixes need to be done. Everything will be fixed before I close, I am praying on closing next week they are having some delays.

A few more pics.

Spoiler: Warning: Spoiler!

       

 

[703 hwy]

Nice!! Congrats again Beezy.

 

[jjs07]

your floors

 

[capital sb]

Nice!! Congrats again Beezy.

Thanks man ! Ready to get the keys and be done with this. It has been smooth sailing until now the LO is definitely slipping up right now.

@JJs07  thanks my fiance' picked out all of the design colors and materials I am terrible at that stuff.

 

[bleed05]

Nothing like dark wood floors...congrats bro!

 

[monstar]

home looks awesome, best of luck on these last few steps

 

[capital sb]

@monstar  @bleed05  Thanks !

 

[gatorb807]

Congrats Beezy.
Our new home is under construction. Foundation, flor joists and sub floors are in. The studs for 2 walls downstairs went up today.

 

[bonde111]

Just curious to everyone that is building, how much research did you do as far as technique to build? What about finding the right builder? How extensive are you going with being as eco friendly as possible?

For what it's worth, I'm building a house this fall, & am in my 4th revision to the main floor blueprint, although this will be a small change to the bathroom area.

We are doing a Ranch/Rambler(That's what people in Minnesota call it I guess?!?) With a fully finished walkout basement area.

 

[capital sb]

Congrats Beezy.
Our new home is under construction. Foundation, flor joists and sub floors are in. The studs for 2 walls downstairs went up today.

Thanks man , congrats to you also ! The months will fly by before you know it you will be inside the house looking at the bare bones.

 

[gatorb807]

Just curious to everyone that is building, how much research did you do as far as technique to build? What about finding the right builder? How extensive are you going with being as eco friendly as possible?

For what it's worth, I'm building a house this fall, & am in my 4th revision to the main floor blueprint, although this will be a small change to the bathroom area.

We are doing a Ranch/Rambler(That's what people in Minnesota call it I guess?!?) With a fully finished walkout basement area.

We really only spoke with one builder. He had built a close friends of ours home and we were in it at all stages of construction. Also looked at several other homes he had done locally. Guy has an outstanding reputation. He goes through every stage of the build with us during construction.

 

[chewie]

We were looking for an energy efficient home. Meritage Homes is one of the top "green builders" in the country apparently. We did our research, and their claims checked out. Highest energy efficient windows, spray foam insulation in entire house (including attic), 2 button toilets standard for water conservation, Kitchen Aid energy star appliances, etc. They're legit.

We built with them back in 2011, and with Denver being the 2nd hottest housing market in the country right now, we sold in 2014 and dumped most of the money we made into anot her new-build Meritage home.

Meritage builds all over the place, California, az, carolinas, florida, colorado, etc

 

[gatorb807]

Our build so far. Happy with the progress.

Trusses went up thursday.