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re: Financing a house as a 1099 (self-employed)
Posted on 1/2/14 at 8:17 am to rlanders23
Posted on 1/2/14 at 8:17 am to rlanders23
your best bet is whitney bank, they have portfolio products that are designed for customers like you. your traditional mortgage companies that sell everything to fannie and freddie are not going to do this loan. you can switch from 1099 to w-2 but if you do it the other way they want a 2 year history. welcome to the brave new world of mortgages
1
Posted on 1/2/14 at 8:28 am to hawkeye007
Info from my friend who is a mortgage broker.
I have seen this before....unfortunately, he will be restricted to a portfolio lender until he has the necessary time on the new job.
He can attempt to refinance once he approaches 2 years on the job. I wish I could help him now...but govt.continues to tighten lending standards.
I echo the Whitney bank comment from the poster above. Let me know if you want the contact that I used.
I have seen this before....unfortunately, he will be restricted to a portfolio lender until he has the necessary time on the new job.
He can attempt to refinance once he approaches 2 years on the job. I wish I could help him now...but govt.continues to tighten lending standards.
I echo the Whitney bank comment from the poster above. Let me know if you want the contact that I used.
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