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Loan application with seasonal income

I am trying to buy my first property but my concern is I don’t have a traditional job. I only get commissions from selling Christmas trees during November and December but I have enough money to buy my own home. My income is stable even if I didn’t work the rest of the year. I can show my average income over the past decade with bank statements to back it up. What are my chances of getting a loan? by kwilliams659 from Belews Creek, North Carolina. Nov 26th 2021 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,535 contributions

Wow, you can live off two months of selling trees? Good for you, but that situation is clearly not the preferred situation for lenders. Loan guidelines love well documented stable income. You say commission, so I assume you are an employee, not self-employed? In theory it is possible by showing the last paystubs and the last two years W2's, just like any other person, and then we would average the income. If 1099 or actually self employed, we would look at the last two-years tax returns, see what you brought in the front door, subtract any expenses, and use the rest as qualifying income. In reality, many lenders are very likely to pass on that situation. All you can do is apply and go from there. I lend for homes in MN, WI, IA, ND, SD. I can be found at Minneapolis-Mortgage.net - Cambria Mortgage, NMLS 274132

Dec 1st 2021
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