I'm about a month away from starting the process of applying for home loans and have a few questions related to my commission based job and what challenges(if any?) that may present versus a salary based income.
Couple of things upfront if it makes a difference:
-First time home-buyer
-750+ credit score
-My job has a base salary of $2k/month pretax
-Will be applying with zero monthly debts
-Planning for down payment of 15-20% but want to be flexible depending on home condition
-No significant credit history other than CC's(paid cash for current vehicle, first time buyer, etc.)
Some of my initial questions are how a lender may view my debt to income ratio? How big of a factor is the lack of credit history going to be? Are there any specific loans geared towards someone in my position that I should be considering?
Thanks in advance for any advice y'all may have!
Couple of things upfront if it makes a difference:
-First time home-buyer
-750+ credit score
-My job has a base salary of $2k/month pretax
-Will be applying with zero monthly debts
-Planning for down payment of 15-20% but want to be flexible depending on home condition
-No significant credit history other than CC's(paid cash for current vehicle, first time buyer, etc.)
Some of my initial questions are how a lender may view my debt to income ratio? How big of a factor is the lack of credit history going to be? Are there any specific loans geared towards someone in my position that I should be considering?
Thanks in advance for any advice y'all may have!