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Do Bonuses and Commission Income help you get a Better Mortgage?

March 06, 2015 | Posted by Nathan Zacharias | Tagged in

On occasion, bonuses and commission income can help you get a healthier loan. It’s a rather rare scenario, and you should not rely on the aforementioned items helping your chances of receiving a better mortgage.
Better Mortgages
Aspiring homeowners need provable income in order to get a loan of any kind. If you receive yearly bonuses or commissions and their amounts never waver, then this revenue can be proven and will count towards your full income.

In this case, a bonus or commission can help your cause.

However, not all lenders have the same policies towards bonuses and commissions, and most are very particular about this matter.

Generally, the lender will figure out how much of your income consists of a bonus. They taken average of the two years you received this bonus and add it to your current salary.

If you do not have two or more years of bonus history, it is very likely that your bonus will be ignored. More often than not, bonuses will not help you receive a better mortgage. Unless you can prove that your employer has offered you a yearly bonus for over two years and will continue to offer said bonus for years to come, it will not qualify as part of your steady income.

As for commissions, these rarely influence a mortgage. If you have two or three years of consistent and increasing commission income from the same job and you can prove it with the pertaining documents then yes, this commission will be included as part of your total income.

Bear in mind that if you receive commission that varies, or if your sole earnings are based on commission, you may have a harder time getting a mortgage.

When the underwriter calculates your risk and sees that your 2012 earnings far exceed your 2013 earnings, for example, it will raise some red flags and likely action them to look into your current year-to-date earnings which better be good or the answer they give you won’t!

The mortgage may be declined because the lender can see you as too much of a risk due to your fluctuating yearly income. Basically, if your pay is consistent for 2-3 years and you can prove it even if you work solely on commission, you will have little to no issues receiving a loan.

The bottom line is that bonuses and commissions only help those who have a long history of receiving them. Speak with us directly to see if your bonuses and commission pay will make a difference with your specific mortgage.