Reply
Established Member
Posts: 12
Registered: ‎06-22-2012
0

Getting a mortgage as a 1099

I am in need of some help.

 

I recently changed employers after 5 years. I now work for one of my old company's suppliers. I finally have my credit within an acceptable range to obtain a mortgage, and would like to do so in Spring of 2013. After I started working at the new company I was told that even thought I get a salary paid weekly that I would be a 1099 and responsible for paying my own taxes, ect. I also earn commission on everything we sell, but my minimum is the same every week. The employer will not make me a W-2

 

I have read that I will have to do this for 2 years and have paid my taxes this way before a mortgage company will even consider it. 

 

I am determined to buy a house, I have lived in an apartment for 7+ years of bad credt and this is no way to raise a family... Please help, any advice is appreciated.


Starting Score: TU 594
Current Score: TU 639
1st Goal Score: TU 650 by end of 2012


Take the FICO Fitness Challenge
Established Member
Posts: 12
Registered: ‎06-22-2012
0

Re: Getting a mortgage as a 1099

anyone?


Starting Score: TU 594
Current Score: TU 639
1st Goal Score: TU 650 by end of 2012


Take the FICO Fitness Challenge
Regular Contributor
Posts: 245
Registered: ‎07-06-2007
0

Re: Getting a mortgage as a 1099


DougSmith81 wrote:

I am in need of some help.

 

I recently changed employers after 5 years. I now work for one of my old company's suppliers. I finally have my credit within an acceptable range to obtain a mortgage, and would like to do so in Spring of 2013. After I started working at the new company I was told that even thought I get a salary paid weekly that I would be a 1099 and responsible for paying my own taxes, ect. I also earn commission on everything we sell, but my minimum is the same every week. The employer will not make me a W-2

 

I have read that I will have to do this for 2 years and have paid my taxes this way before a mortgage company will even consider it. 

 

I am determined to buy a house, I have lived in an apartment for 7+ years of bad credt and this is no way to raise a family... Please help, any advice is appreciated.


I have been self empoyed as an independent contractor since 2005. My situation is a bit different because I work for 3 different companies. 2 from the UK, 1 from Canada so obviously they don't send me 1099's. I just keep track of every international wire transfer I receive for the year then claim it as self employment at the end of the year. I would guess you would have to show 2 years of tax returns as a 1099 contractor, but then again I'm no expert lol. I know how it feels to live in an apartment. I have never owned, always rented and I have a 6 year old daughter. We hopefully will buy come October but I know I will still have a few hurdles being self employed I'm sure. I wish you the best of luck :smileywink: 

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.