Asked by Terry, Denver, CO • Sun Aug 23, 2009
I live in Colorado and have been working in the same field for ten years. Last year I had some 1099 income but I was also employed full time at a agency doing the same type of work. I left that company at the end of the year and now all my income is 1099 income. I was recently turned down for a FHA loan because they said they would not allow the W2 income from last year to qualify me for a loan and they said they would not consider the income I am making from an agency now because I have only been there 10 months. Again, all the work I do with various agencies is in the same field and my income has doubled since last year. Though the underwriter verified my current income, they still turned me down. My credit score is 650 and all i owe is a car loan. It seems crazy that they would not consider all my income and also they said that after I file my taxes for 2009 they will average my income from 2009 and the 1099 income form 2008, after business expenses. Can anyone help?
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