Financing in Princeton>Question Details

saivallab, Home Buyer in Horsham, PA

I got loan from bank on W2(earnings) for home loan, I have closed on the property last week, now I want to switch to 1099 for same client?is it OK?

Asked by saivallab, Horsham, PA Thu Mar 20, 2014

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Your question is very confusing and I'm not sure anyone really understands what it is you're asking. If you're asking if you change jobs and go from an W2 to 1099 income no one cares as long as you make your mortgage payments. If you're asking if you can get a second loan based on 1099 income that you didn't report on the first loan application relying solely on the reported W2 income, I don't know how anyone on Trulia could answer this without having reviewed your entire file in terms of Income, Assets, Credit scores etc. You need to articulate your question better so that we understand what it is you're really asking.
0 votes Thank Flag Link Fri Mar 21, 2014
now that you have closed and own your house you can run your credit amuck lol
Best wishes
0 votes Thank Flag Link Fri Mar 21, 2014
If you have closed your loan, then it a done deal. If you want to switch jobs, then that's your prerogative. Just make sure you making the best the decision you can. You now have the added responsibility of homeownership.
0 votes Thank Flag Link Thu Mar 20, 2014
A 1099 form represents additional non-employee income that could be in addition to a W2. Using a W2 and a 1099 to file taxes is common. Once the bank loan is closed and there was no fraudulent income disclosure, what happens after the loan is immaterial. But, due to the wording of this question, the reasoning behind this decision is unclear.
0 votes Thank Flag Link Thu Mar 20, 2014
Are you asking if it will affect your loan? As long as you continue to pay your mortgage on time you should not have an issue with your mortgage.
0 votes Thank Flag Link Thu Mar 20, 2014
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