Posted on: 23rd May, 2010 08:33 am
My girlfriend and I are looking to buy a house in MN. She has great credit about 735, and I have ok credit at about 665.
She has regular employment but I have been a 1099 contractor for the past year and a half. I have been working with the same company for about 9-10 months.
Considering that we both have adequate credit scores, will my self-employment (1099 status) hold us back? We're looking at putting the 3.5% down.
Thanks
She has regular employment but I have been a 1099 contractor for the past year and a half. I have been working with the same company for about 9-10 months.
Considering that we both have adequate credit scores, will my self-employment (1099 status) hold us back? We're looking at putting the 3.5% down.
Thanks
Welcome Guest,
It would be easier for your girlfriend to qualify for a FHA loan as she has a regular employment and an excellent credit score. Though have a good credit score, your employment status can be a problem in getting a mortgage. However, I would suggest you to contact your local lenders and check out if they are ready to give you a mortgage. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you an idea whether or not you will get a loan.
It would be easier for your girlfriend to qualify for a FHA loan as she has a regular employment and an excellent credit score. Though have a good credit score, your employment status can be a problem in getting a mortgage. However, I would suggest you to contact your local lenders and check out if they are ready to give you a mortgage. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you an idea whether or not you will get a loan.