I have yet to be in contact with a lender to ask specific questions, im not planning on applying for a mortgage for another 4-6 months.
My question is in regard to income limits and how commission is handled. Ive been with the same company going on 4 years this August. My position is salary + commission. Roughly 50% of my annual income comes from commission. Will USDA approve me if this year i am just under their limit? Or will they consider that my salary has increased each year? If they were to approve me, and next year i go over their income limit, will i have to refinance with another lender? I have the same concern with down payment assistance. Ive found a couple of programs in my area that will provide up to 5% of the loan as down payment provided that my income is under $74,520.
My income for the last 3 years:
2014: $58,668
2015: $65,533
2016: $70,582
For 2017, as of now im at 32K for the year, so Im probably looking at barely qualifying by a hair. (Maybe)
I was looking at USDA because im not sure id qualify for a conventional loan. I still have a few collections on my reports and while i have some established tradelines, i feel it wont be enough. Any advice is appreciated.
