1099 Truckers, Mortgages

i have a mortgage, and i have a W-2 job, always did..

i also have a CPA/lawyer/financial advisor all rolled up in one neat package.

if you are also paying for a professional tax preparer, take along all tax forms for at least 3 years, (some banks may want more years)

it's up to each and every bank and thier by-laws whether or not THEY accept 1099 jobs, if your DO NOT USE a CPA.

you "should" be able to obtain a mortgage, giving your time on THAT job.

good luck.

 

The lenders I talked to were looking at my shedule C profit and added my depreciation back in to determine my yearly income. They took two years and divided by 24 to get my average monthly income and then based my loan amount off of that. I really didn't have any difficulty based on being self employed.

 

Banks have specific criteria you must meet to qualify, if you don't qualify they will refer you to a B lender where you may qualify at a higher interest rate.
There is no personal input on the part of lender/broker regardless of what they tell you,,,they do not call the shots.

 

They will probably take YOUR NET income, the number u pay taxes on. They will probably need a couple years of this data

 

Taxable income. Everything else is noise.

 

Hi
So I bought my new home in April of this year. I took a loan from Guaranteed Rate and I must admit it was not so easy to get that loan. Because we file 1099 form they are suspicion about everything. My income was around 85 k and I got loan of 195k , credit score 730 . I needed tax return for 2 years and many , many bank statements, explanation of transactions etc. I would suggest you to find loan officer who will try to help you going even over some borders. ( I have condominium which at that moment was my space for living but he suggested me to make a lease agreement with somebody that it will be rented first months after closing). This rent he put as my income too.
If you need any more suggestion or have some questions feel free to ask me.

 

When we bought ours, we had to provide 3 years if tax returns. Fortunatey each year we had done better than the year before. For that year we had not filed yet. So we had our tax guy take less deductions, (moving business we hired about 25-30 lumpers a month at around $180 a day each) That made out net higher, it also increased the amount we had to pay in taxes for that year. Fortunately back then everybody and thier brother was getting approved.

 

Most garden variety banks will not work for you. That was the case for me when we bought a house 2 years ago. At that point I was a 5 year O/O with nothing but 1099s. We used an institution called Bank of England that specializes in mortgages and it isn't really a bank. They looked at my tax returns for the last 2 years, one was a "loosing" year (engine rebuild...) and one was really good. We had no problem getting the loan, but the 20% down payment probably helped things along as well...