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Commission is often considered as if it were self-employment income. Therefore, you need to provide proof with your tax returns. In addition, commission, in order to be counted toward your mortgage or mortgage refinancing application, needs to be stable or increasing at a stable rate. Also, if you have a contract with your company that states what you get your commission for, and if you've been doing just that consistently for more than a year, then that is more prove that your commission income should be included as part of your standard income.
As with other forms of income, this can only be considered in a home loans, mortgage or mortgage refinancing application if it is steady and been received on a regular basis for a year or so. As always, mortgage companies only accept income documented for two years or more, but you should still include it anyway if it has been less than that. The payments also need to continue.
If a child or family member contributes some of their income to you, but he/she is not a party to the actual mortgage or mortgage refinancing loan, then you cannot use this as party of your income. You can add it as a compensatory factor, which will affect your home loans, mortgage or mortgage refinancing application in other ways.
It depends. If you do not qualify for a mortgage or mortgage refinancing loan with your current income ratios, then it might be wise to take on a cosigner. Make sure that your cosigner understands that your cosigner needs to undergo same credit process that you went through, which can be stressful, difficult and a pain. In addition, just because your cosigner has a lot of money, does not mean that he/she is necessarily a good person to have on your mortgage or mortgage refinancing loan. Make sure that the person has good credit and not too much debt.
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