Home Buying in 30076>Question Details

Katie, Home Buyer in Duluth, GA

My income is entirely 1099 - less than two full tax years. Are there any mortgages for me?

Asked by Katie, Duluth, GA Mon May 2, 2011

I want to borrow $100k or less for a small home or condo. The mortgage, insurance and fees would be half of the rent I have been paying for 5 years.

Help the community by answering this question:


Hello Katie,

Normally, you need 2 full years with increasing income trend.
You income will be averaged and your YTD will be looked at as well - to see the positive increasing income trend. The fact that your rent was twice as big as your future PITI is actually really great from the approvability point of view.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes Thank Flag Link Sat May 5, 2012
There are always ways to do it. Finding the right creative agent and lender makes the difference. Co signor? More down payment? Private lender? Long close with early occupancy? There are options if you think outside the box.
Do you have an agent? Sounds like it makes good sense for you to buy. Don't take no for an answer yet...
0 votes Thank Flag Link Mon May 2, 2011

It looks like you have less than 1 year of self employment income so unfortunately you will need to wait until next year to obtain this loan.


Timothy Brown | President
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Mon May 2, 2011
No, since about June 2010. My income is higher now than it was and the mortgage I want would be less than the rent I'm paying. No way around it?
0 votes Thank Flag Link Mon May 2, 2011
When you say less than two are you saying more than one and a half? I might have a loan that will work if so.
0 votes Thank Flag Link Mon May 2, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer