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can i qualify for an fha with 8yrs wrk history and currently last 3 month 1099 in different state

8yrs of employment history with the same company (w2's), grossed 32k. Jan 2013 relocated out of state for a higher paying job with different company. Instead of w2's, status has changed (1099) can i still qualify? Phila,Pa. by mkayna_882_196 from Philadelphia, Pennsylvania. Mar 29th 2013 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Although it may be possible, usually when you go from a W2 position to a 1099 position, you go from being employed to self employed. Self employed individuals need a two year history. Tis means you will need to wait to be able to qualify on your own. FHA does allow for a non-occupant co-borrower and I have closed many where we have relied solely on the co-signers income to qualify because the primary borrower/occupant has less than two years on the (self-employed) job. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 31st 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Sorry, your job change is going to force you to wait awhile before you can get approved. When you get paid with a 1099 - you are considered self-employed. Therefore you will need to wait until you can provide a lender with two-years of tax returns with the self-employed (1099) income. Many people who get paid as "self-employed" with a 1099 really shouldn't be... Contact a local mortgage broker in your area for more details. www.Minneapolis-Mortgage.net

Mar 30th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Since you are now technically self employed you will have to wait at least 1 year and possibly 2 to qualify. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Mar 30th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

You will be forced to wait for 2 years, you are now considered self employed, Lenders will want to see what you (new) self employed tax returns look like. www. HOMEMORTGAGEXPERT.com

Mar 30th 2013
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