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Getting a mortgage as a 1099

Established Member

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.


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Established Member

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
Message 2 of 3
Regular Contributor

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 Smiley Wink 

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