Posted on: 19th Jan, 2011 08:36 am
My husband is currently a 1099 contractor. He is waiting to be permanent at his current job. Would it be a problem if he's not a W-2 worker in order to buy our first home?
1099 income is used to qualify for mortgages.
The income used is the income after expenses. 1099 workers often deduct expenses.
The income after expenses is averaged over the last 24 months and the most recent 12 months needs to be income higher than the previous 12 months (in other words, business is getting better, not worse)
The income used is the income after expenses. 1099 workers often deduct expenses.
The income after expenses is averaged over the last 24 months and the most recent 12 months needs to be income higher than the previous 12 months (in other words, business is getting better, not worse)