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#458827 - 08/17/17 06:08 PM How does income/debt ratio for agents work?
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
When getting a new loan you are asked for your monthly income and your last 2 paystubs.

How do you do this as an agent without having monthly income or paystubs?


Edited by Aftermath (08/17/17 06:09 PM)

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#458829 - 08/17/17 07:05 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
Loc: Vermont's North-East Kingdom
Your IRS Form 1099s for the past few years will probably suffice.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458830 - 08/17/17 09:02 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
Oops this was supposed to go into aspiring agents, sorry.

So, it would be good to try and not making new loans for your first year and use your tax records for the previous year?


Edited by Aftermath (08/17/17 09:05 PM)

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#458831 - 08/18/17 04:48 AM Re: How does income/debt ratio for agents work? [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
Loc: Vermont's North-East Kingdom
New Agents are already under quite a bit of pressure to perform; and taking on new debt certainly won't help them coup any better.

In their wisdom, Lenders don't consider someone who just changed careers, and hasn't yet proven that they can produce an income in the new career, to be a very good (or even just mediocre) credit risk.

The high failure rate among new Agents has demonstrated that this is sound underwriting judgement, and explains why it's necessary for Aspiring Agents to have their own working capital to finance the career change when outside credit sources won't.

You may find a source for a sub-prime loan, or a small no-documentation personal loan . . . . but these sources usually have usury interest rates associated with them; and often lead to bankruptcy.

Most Agents find it wise to only gamble with their own money; and avoid that unnecessary stress. Besides, you'll have more confidence in your future success than any Lender will (or at least, "you" should).
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458857 - 08/21/17 06:48 PM Re: How does income/debt ratio for agents work? [Re: Aftermath]
David Hunter Offline
Major Contributor

Registered: 09/27/05
Posts: 1625
Loc: Cleveland, Ohio
I think anyone who has their own business needs to show about a years worth of income to get a loan.
_________________________
David Hunter | Retired RE Agent |Direct-Response Marketer
www.DukeOfMarketing.com/7-Real-Estate-Marketing-Strategies/
www.TheSaviorsMinistry.org


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