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I was told if I went from my current job being paid W2 to 1099 I would be okay as I am still working with the same company being paid DD.
Now I was just told this will hurt my mortgage as I will have to have two years at 1099. Someone please help! UGH
We are looking at either a FHA also the 0 down with NFCU.
Hello Syke77
Think carefully before you leap into the abyss of self-employment. I can't tell you how many homebuyers hopes were dashed over the years after they moved from a W2 wage earner to a 1099 independent contractor (self employment). I would strongly recommend to discuss this with another LO, you will be a "No Go" with a FHA for sure if you move to 1099.
@Anonymous wrote:I was told if I went from my current job being paid W2 to 1099 I would be okay as I am still working with the same company being paid DD.
Now I was just told this will hurt my mortgage as I will have to have two years at 1099. Someone please help! UGH
What kind of work are you doing & how long have you been with your employer?
I have been with them 4 years as of August a small trucking company I do all the office work Bookkeeping AP/AR Insurance/ Payroll you name it. Nothing has changed I just work under 1099 now... I can't change it now as it started in June and we can't go back. I just don't understand how it matters if I'm still working with the same company. They have made it impossible for people to do anything out of the norm. I told my boss and he feels guilty but of course this changes nothing now.
I also still have to use a Timesheet service to clock in out to keep track of hours worked so everything is still as a regular job except I pay my own taxes now.