I am in a rather unique position. I have been employed for the past 7 years consistantly and the past 2 years ( since I graduated college) at the same place. My salary is 60k, however I just moved to a new role that between OT and incentives I will earn a min of 80k and a max of 110k. Last time I had credit pulled my scores were in the high 700’s (778to be exact). My current debt is 380 student loans and a 295 car payment. I can get rid of the car easily without taking any kind of loss actually will profit a few thousand.
I have an opportunity to buy a home that is worth 480k for 420k due to an arrangement with the current owner. However, I am learning mortgage lenders are not willing to look at my new compensation until I have had it for two years. I understand the incentive part due to varying nature but if I have steady 10hrs of OT a week I feel thats excessive to make me wait to show 2 yrs of it with my strong credit. Is there a way to get this done?
Also, if I am able to complete the purchase of the property I will have a signed lease for 1500 a mo from a family member who will move in with me. The lease can be 2+ years if needed.
One more point – I currently have revolving credit lines of approx 200k, two of which are unsecurity LOC’s. I use maybe 600 a month of my revolving just for gas and food but that is paid in full every month. Shouldn’t this show financial responsibility as well?
Thanks in advance for everyones help.