Hello All, and may I begin with thank you for your acknolegdment from the get go.
I am currently seeking to utilize a VA home loan and have questions as to income and my unique situation.
Lets start with what we know:
First Time home buyer
Certificate of Eligability
Service connected diability - no fee on VA loan
$20k if needed for closing costs / ect.
Mid Credit Score -649 (Mortgage score according to 3B Report) and counting since I just began to work on this
2014 taxes show $40,635 (W2) + $17,029 disability compensation for a total income of = $57,664
2015 taxes show $11,330 (W2) + $67,750 (1099) (-expenses and not sure about depressiation and amortization) +$17,029 diability compensation = $96,109
2016 look like is on track to be $20k higher than 2015...
The confusion I currently have is that the majority of my income was 1099 last year (2015) and will be the same this year (2016) but I still work in the same field of construction management and sales (commercial industrial roofing). I have talked to a few mortgage companies that discussed my situation with and they have expressed that my 1099 history cannot be considered until they reach 2 years of history with the same 1099 reporter.
Can my income for 2015 be averaged with my W2 income of 2014?
Do I in fact have to have 2 years of 1099 income with the same reporter?
They all ask to run my credit to see what can be done but at the same time say I cannot qualify without 2 years of 1099 history.
I would like to begin to start consulting for multiple companies which a few would be new 1009's without history and thus not be counted?... Should I stay with the same company to complete the VA process? Is this true with anyones knowlegde or experiance?
Any Sugesstions?
Again, Thank you for your contribution and experiance.
