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went from w2 to 1099 within 3months, now can't get loan

Posted on: 28th Sep, 2013 05:39 am
We are in the process of building a home, in Houston, TX when we first started we were w2 workers in the oil field, with good income and had no problems with a pre approval, but now closer to closing time, we have been 1099 workers for the past 3 months and are now facing difficulties getting a loan. We have been turned down by several portfolio lenders now and not sure what other options are out there for us. Although we recently switched to 1099, we are still in the same line of work, have decent credit and income is better than with the W2. We are able to put down 10-20% percent. Sales price on house is 375,599. Any help would be greatly appreciated as we are scheduled to close next month, and already have money invested. Thank you.
Hi M.G,

Well, in this situation, it will be better if you could look out for personal lenders who may help you in getting a loan. However, you should note that such loans have a very high interest rate.

Thanks
Posted on: 29th Sep, 2013 10:10 pm
Hi M.G!

Welcome to the forums!

Lenders who offer personal property loans may also help you in this regard. You need to contact such lenders to get a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 30th Sep, 2013 09:14 pm
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