topic Re: VA Loan lenders for 1099 less than a year in Mortgage Loans

VA Loan lenders for 1099 less than a year

Anonymous — Thu, 02 Sep 2021 20:33:28 GMT

Hey everyone

So my wife and I are ready to own our first home. She started a 1099 job last year about this time and we would like to find a lender that would work with us. I am a disabled vet so I have that income along with my 8-5 job that is paid salary. Does anyone have any suggestions on who to look to? I know more than likely it will have to be 2 years with her stuff before it can be counted but I'm hoping I'm wrong.

Thanks for your suggestions

Re: VA Loan lenders for 1099 less than a year

VALoanMaster — Tue, 07 Sep 2021 16:19:44 GMT

@Anonymous wrote:
Hey everyone

So my wife and I are ready to own our first home. She started a 1099 job last year about this time and we would like to find a lender that would work with us. I am a disabled vet so I have that income along with my 8-5 job that is paid salary. Does anyone have any suggestions on who to look to? I know more than likely it will have to be 2 years with her stuff before it can be counted but I'm hoping I'm wrong.

Thanks for your suggestions

Hi @Anonymous,

It is possible to include your wife's income but pretty rare.

Is she in the same line of work?

What type of work does she do?

Here are the VA guidelines:

Generally, income from self-employment is considered stable when the
borrower has obtained such income for at least 2 years. Less-than-2-years
cannot usually be considered stable unless the borrower has had previous
related employment and/or specialized training. Less-than-1-year can rarely
qualify; however, in-depth development is required for a conclusion of stable
income on less-than-1-year case.

You may not need her income to qualify. We can gross up your VA income and VA can be really flexible on debt to income ratios.

Re: VA Loan lenders for 1099 less than a year

Anonymous — Tue, 07 Sep 2021 20:51:41 GMT

@VALoanMaster

Is she in the same line of work?

She is a District Coordinator for Aflac

What type of work does she do?

Insurance sales previously she worked at Dillard in Retail Sales

Re: VA Loan lenders for 1099 less than a year

VALoanMaster — Wed, 08 Sep 2021 19:18:26 GMT

@Anonymous wrote:
@VALoanMaster

Is she in the same line of work?
She is a District Coordinator for Aflac

What type of work does she do?
Insurance sales previously she worked at Dillard in Retail Sales

We probably can't consider her to be in the same line of work.

I would see if you can qualify on your own right now.