Home Buying in Cincinnati>Question Details

claytonfam99, Home Buyer in Cincinnati, OH

Is it possible for a 1099 worker to get approved for a mortgage? I have 10 years in the same industry but 1 year as a 1099 employee.

Asked by claytonfam99, Cincinnati, OH Tue Sep 24, 2013

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Answers

8
Your best shot will be FHA. Also do you have a full year of 1099 on your 1040's and a year to date profit and loss statement.

Are you with the same company? Are your 1099 earnings in the same range (or greater net) than your w-2 earnings from previous years.?

I have 15 years lending experience.

Give me a call to discuss. 513-227-5897 (or text)
0 votes Thank Flag Link Fri Oct 11, 2013
They normally need (2) years as a 1099 employee.
0 votes Thank Flag Link Wed Sep 25, 2013
give me a call and I can recommend a couple of lenders to discuss this with, as all lenders have their own set of guidelines
0 votes Thank Flag Link Wed Sep 25, 2013
Last year we could not get it done but things are changing slowly. Some non conventional loans may be possible. There are several lenders I could refer you to who may be able to do it.

Patricia Baxter, MA, MPA
Realtor with Achieve Realty
City of Cincinnati Ambassador
MD Preferred
Dream Pro Certified
http://patriciarealtor.com
pbaxter166@aol.com
tel. (cell) 513 225 0045
0 votes Thank Flag Link Tue Sep 24, 2013
Great question. We Realtors are also 1099. From my experience Usually as long as you have a history in that profession it can be done. They prefer two years in most cases but good credit will go a long way. If just marginal credit no worries they will look for other sources and then history will become a more important factor. Hope this helped

Steve Nash, Broker
0 votes Thank Flag Link Tue Sep 24, 2013
Absolutely, and your credit standing will be a far bigger test than your income typically. Call or e-mail me (513-478-4318 / mmccarthy@huff.com) for more information and lender contacts to prove my statement. Mike McCarthy / Senior Sales Executive /Huff Realty
0 votes Thank Flag Link Tue Sep 24, 2013
Thanks!! I sent you an email from my work email.
Flag Wed Sep 25, 2013
In my experience, different lending institutions have different criteria for evaluating and approving loans. I would be more than happy to give you some referrals to lenders in Ohio. If you'd like, just shoot me an email to heatherdunn@kw.com and I will reply with a few people for you to speak with. I hesitate to post their cell phone numbers on the internet...you never know what kind of marketing and bogus calls they might get!

Heather Dunn, REALTOR
Keller Williams Excel Realty

Cell: 614-560-9106
Fax: 614-932-9512
heatherdunn@kw.com
heatherdunn.yourkwagent.com

2013 Columbus Board of Realtors "Rising Star Award Winner"
2013 Columbus Board of Realtors Young Professionals Network Co-Chair
2013 Womens Council of Realtors VP Membership
2013 Ohio Association of Realtors Director
0 votes Thank Flag Link Tue Sep 24, 2013
Thanks!! I sent you an email from my work email.
Flag Wed Sep 25, 2013
Typically lenders are going to require 1099 workers to have 2 years of tax returns. You could potentially hook up with a private lender.
0 votes Thank Flag Link Tue Sep 24, 2013
Also, you should talk to whomever you bank with.
Flag Tue Sep 24, 2013
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