Any lender that will...

[2FixMyCredit]

Does anyone know of a lender for USDA that will use a 1099C GROSS income?

[StartingOver10]

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@2FixMyCredit wrote:

Does anyone know of a lender for USDA that will use a 1099C GROSS income?

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Do you mean the total income on the 1099?

No. Why would they? You have to pay your business expenses out of that 1099 income.  Plus your federal taxes are at a higher rate because you don't have an employer paying your share of taxes so you don't really have access to the whole amount on the 1099 to use for personal income.

You have a couple of choices though: 1) increase your income  OR 2) reduce the amount you spend on business expenses so your tax return shows a higher figure OR 3) buy a less expensive property so you can have a lower mortgage OR 4) get a co-signer on the loan (family member for example).  Number 4 is not always available. OR save up a larger down payment so you finance less.

[2FixMyCredit]

Found out that I have no shot in the dark of getting a home. There is NO WAY I can work more, I already work 70 hours a week.  And I'm a independant contractor not the business owner.

Oh well, you live you learn eh? Atleast I have been able to build my credit!

[StartingOver10]

Well, actually there are lenders for people like you.

Portfolio lenders loan to people in your position. They set their own criteria. Normally you have to have a larger down payment, but even then, that is directly dependant upon the lender.

Also hard money lenders loan to people like you.

I have been 1099 my entire adult working life and have owned and mortgaged many, many homes. You just need to have enough income to show you can make the payment in accordance with the u/w criteria of the lender you are using. U/W criteria changes all the time. So never say never

[2FixMyCredit]

I will definitely look into them but I'm going to give it a few months.  After dealing with the rude realtors and lenders today I'm completely thrown off by the whole process.  Even had one tell me that I better get an apartment to save money because my current rent was too high for my income, the same rent I've paid for 2 years on time and made the same money since then.  Had another tell me it would be in my best interest to quit my job, go on unemployment and "find a real job"