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.

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Irina Karan, Agent, Aventura, FL
Sat May 5, 2012
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
Donna Stott, Agent, Roswell, GA
Mon May 2, 2011
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
Tim Brown, Mortgage Broker Or Lender, Alpharetta, GA
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.|
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes
Katie, Home Buyer, Duluth, GA
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
Darrell Hess, Agent, Asheville, NC
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
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