Mar 28 (edited) • General discussion
Commission Income and VA Loans: What You Actually Need to Know
Let me guess you're earning commission income, and someone told you it's going to be a nightmare to get a VA loan approved. I hear this all the time, and it's just not true.
Here's the reality: commission-based income is totally workable for a VA loan. You just need to understand what lenders are actually looking for and get your paperwork in order before you apply.
The big thing lenders want is a two-year history of commission earnings. They'll average those two years together to figure out your qualifying income. That's it. The two years don't even have to be with the same employer as long as you've been in a similar type of sales role, you're generally good.
A few things that really help your case:
Are you earning commission income and trying to figure out if you can qualify for a VA loan? Drop your situation in the comments I read every one and I'm happy to give you my honest take.
- If you have a base salary on top of your commission, that counts too use it
- - Commission draws are acceptable when properly documented
- - Keep two years of tax returns, W2s, and recent pay stubs ready to go
- - If your income jumped or dropped significantly year over year, have a simple written explanation ready
Read the full article here: https://www.scarpero.com/how-to-get-a-va-loan-when-you-work-on-commission/
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Commission Income and VA Loans: What You Actually Need to Know
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Learn more about the VA home loan program. Hosted by Carlos Scarpero, VA Mortgage Specialist. NMLS 1674385
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