Posted on: 23rd Mar, 2010 05:58 pm
I have just become a 1099 employee after being with the same company for 21 years. I am doing the same job, with a combined income with my wife of over 100K. We have a college fund for our kid, 401K, and 20% and closing cost. My credit score is 799 my wife's is 745. We are unable to get a loan due to not being a 1099 for a year. Can anyone give me any advice? The home we wish to purchase is 210,000 that is it, we really need help quick.
Hi Guest,
As you are a 1099 employee, you will be considered as self-employed. Lenders now have more strict guidelines while offering loans to borrowers what they were before. They do not want to offer loans unless you have a steady and stable income. 1099 income is often not seen as a stead source of income. Lenders would want you to be a 1099 employee at least for 2 years before approving your loan.
Your credit score is excellent and you will be putting down good amount money on the loan. You have also been working with the same company for the last 21 years. Considering these facts, I believe you should not have much problem in getting the loan. You can contact some other lenders to check out if they can offer you a home loan. You can also go for a no-obligation free mortgage consultation with the lenders in this community to find out if any of them can help you with the loan.
As you are a 1099 employee, you will be considered as self-employed. Lenders now have more strict guidelines while offering loans to borrowers what they were before. They do not want to offer loans unless you have a steady and stable income. 1099 income is often not seen as a stead source of income. Lenders would want you to be a 1099 employee at least for 2 years before approving your loan.
Your credit score is excellent and you will be putting down good amount money on the loan. You have also been working with the same company for the last 21 years. Considering these facts, I believe you should not have much problem in getting the loan. You can contact some other lenders to check out if they can offer you a home loan. You can also go for a no-obligation free mortgage consultation with the lenders in this community to find out if any of them can help you with the loan.