Will i get usda approvd with 1099 income?

We do tons of USDA loans in MN. As a self-employed person (independent contractor), you simply need to provide the last two-years of Federal Tax Returns. We will see what you reported for income, deduct what you reported for expenses (if anything), then average the past two-years to determine your qualifying income. Learn more at www.MortgagesUnlimited.biz/usda

Great question! Although it can be more difficult to qualify for loans when you are self-employed or paid as a 1099 contractor, that in itself does not mean you would not qualify. The only way to know for certain if this would work, would be to look at your complete income situation to determine what income amount could be used.One other factor you also have to always consider with USDA is to confirm that you actually don't make TOO much income, so that you would be within the qualifying limits for the area you're looking in.If you would like to know with a strong certainty what you might qualify for and also what the numbers might look like, I'd be happy to offer a FREE no obligation consultation to examine your options. Feel free to reach out to me via phone or email if you are interested. Thanks for the question!David Youngs - Consultant with Progressive Lending Solutions Inc.651-636-2840 Ext 12dyoungs@progressivels.com

It all comes down to what shows on line 37 of your last 2 years' 1040's.

It depends on the details of your IRS tax returns for the past 2 years, some of the specifics have been outlined by others

Self employed individuals have the same purchase opportunities as a W-2 employee. Computing income is less straight forward but done everyday. Self-employed individuals are looked at what income you pay taxes on, not just your gross. However there are some important deductions that many self-employed take to lower their taxable income that we can add back in to increase the income. It a bit too complicated here to discuss. If I can help, give me a call and we can discuss your particular situation. A large portion of by business is USDA loans. You can find me at FastClosingNow.com

yes.

It's not a problem so long as you file your tax returns. Lenders need to verify your income over the last 2 years, and they will use only filed federal returns to substantiate it. Understand that the lender will look at your income AFTER deductions.. so it you make $250K in income, but write off $230K, the your net income would be $20K annually, and that is what the lender will use to determine your debt to income ratios. I'ts best you contact a local mortgage expert and apply with them.. Joe Metzler is a regular contributor here on Lender411, and is rated as the number one lender in MN.. I'm sure he can help you get financing in place. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com