ANY ADVICE WOULD BE AWESOME

[Anonymous]

03-28-2012 07:43 PM

I NEED HELP.   THIS IS MY FIRST POST HERE AND I HOPE SOMEONE CAN HELP ME.

I was supposed to close on a home on the 15th and I found out on the 14th that the underwriter wanted some clarity on my income.  No problem I thought!    My income is commission based as I work in the Auto Industry.  I have been selling cars for 14 months now and the loan officer told me as long as I can provide proof of atleast one year (w2)  and a verification with the employer that my job is secure we should be fine.  My income for last year was 57k and it was made up of a starting salary, bonuses (that are built into the pay plan to keep us always pushing for one more), and commission.  This year the pay plan changed and on my pay check stub I now have a draw system, I get paid minimum wage for every hour im there that comes out of our bonus/commissions.  I recieve a settle up check every month on the 10th that shows up on my pay check stub as bonus.   The underwriting is saying that because it says bonus and not commission that it causes some sort of problem and they wont approve the loan.  WHAT CAN I DO.... I was buying a home to raise my son who just turned 1 in..     the loan officer felt so confident that she even felt like early occupancy would be ok.. thankfully we didnt move in but we painted the interior of the house... we put a thirty days notice in at our rental and we have to move.... im sorry if im ranting but im freaking out here!  any advice would be awesome

[Anonymous]

I NEED HELP.   THIS IS MY FIRST POST HERE AND I HOPE SOMEONE CAN HELP ME.

I was supposed to close on a home on the 15th and I found out on the 14th that the underwriter wanted some clarity on my income.  No problem I thought!    My income is commission based as I work in the Auto Industry.  I have been selling cars for 14 months now and the loan officer told me as long as I can provide proof of atleast one year (w2)  and a verification with the employer that my job is secure we should be fine.  My income for last year was 57k and it was made up of a starting salary, bonuses (that are built into the pay plan to keep us always pushing for one more), and commission.  This year the pay plan changed and on my pay check stub I now have a draw system, I get paid minimum wage for every hour im there that comes out of our bonus/commissions.  I recieve a settle up check every month on the 10th that shows up on my pay check stub as bonus.   The underwriting is saying that because it says bonus and not commission that it causes some sort of problem and they wont approve the loan.  WHAT CAN I DO.... I was buying a home to raise my son who just turned 1 in..     the loan officer felt so confident that she even felt like early occupancy would be ok.. thankfully we didnt move in but we painted the interior of the house... we put a thirty days notice in at our rental and we have to move.... im sorry if im ranting but im freaking out here!  any advice would be awesome

[Booner72]

Wow.  That's intense.  I'm so sorry for you and your family - but chill for a second and catch your breath.

Did they say officially No, done deal?  If so, get to a mortgage banker - they have more options to fund than a single bank.  Hopefully you can find a lender and save the deal.

Back in 01 the day after we closed, right before funding, they ran my hubby's credit again and he had a new judgment from child support.  (no payments had changed, they just decided to be cusswords).  Anyway.....our mortgage broker did find a loan for me on my own - about a week later.  The payment was much higher and we ended up walking away.

hind sight is 20/20.  Looking back I'm SOOO glad we didn't get that house . It wasn't our town, it wasn't our style, and we weren't ready.  I truly believe that things happen for a reason, and maybe Something is out there watching out for you and your family....

This kind of thing is tougher than hell to get through and not understand they why, why, why.....but it will all work out.  I'm sure of it.  (And if this is a done deal, don't let your credit go to pot like I did, thinking you'll never get a house....because, you WILL).

GOOD LUCK.  Let us know.  There are a lot of resources here.

edited to add:  Can't your employer write some kind of letter?

[boomhower]

I they deny try and find another lender, I agree in this situation a broker would be a good option.  Truth is your situation is tough.  Most lenders want to see two years of W2's to count commissions so it could still be a problem.  My question is since it's a commission and not a bonus why are they calling it a bonus?  If they classify it as a bonus your going to get killed on taxes on it.