Posted on: 17th Apr, 2010 10:06 am
they wanted to buy a house. mom can provide W2s for the last two years, but the son works as an employee a year before and as indepndent contractor last year. so the problem is the son's employment. they only have enough money for FHA 3.5% down.
Any advise?
Any advise?
son's income is questionable as far as use in qualifying for a new mortgage. as an independent contractor, we naturally assume that means he'd be filing a schedule c and writing off expenses when he files taxes. if that's the case, then lenders won't look favorably. if he still files a simple 1040, and if the employer is the same in each case, then there's more likelihood it'll work out. please elaborate a bit more so we can get to the bottom of the situation.