U
/u/Gravitys_Bitch
Guest
I am beyond frustrated. We have gone through several local lenders over the last 2 years and they all say our income is too inconsistent to qualify for a loan. Here is our situation:
Husband and I work 1099 for Company A in the summer (May-October) where we make commission only so every month varies slightly in pay. October-April my husband works W2 contract work for Company B but does maybe 4-5 separate contracts during that period. Here are our average earnings:
1099 Me: $30,000 Monthly: May-October: $1000-$4000 Nov-April: $600ish Husband: $35,000 Monthly: May-October: $2000-$5000 Nov-Apr: $0
W2: Husband: October-April: $70,000
Credit Scores: Me: 737 Husband: 720
The only debt we have is my student loans ($76k with a $600 monthly payment) and I’ve never missed a payment. We have never owned a home before, never declared bankruptcy.
We have consistent annual earnings of around $102,000 which can easily be proven through our paystub records, W2 and 1099 documents, and tax returns.
I am so beyond frustrated how loan officers still come back and say our income/employment is too inconsistent. Yes, our monthly income varies quite dramatically, but we are employed every month out of the year and make a decent amount of money. We just want to own our own home and I feel so upset. Do people who work contracting jobs or 1099s just never buy homes? There’s no way we are the only ones with work like this.
Please advise. Not sure what to do from here.
submitted by /u/Gravitys_Bitch
[link] [comments]
Need help getting a loan approval as a 1099 employee
Continue reading...
Husband and I work 1099 for Company A in the summer (May-October) where we make commission only so every month varies slightly in pay. October-April my husband works W2 contract work for Company B but does maybe 4-5 separate contracts during that period. Here are our average earnings:
1099 Me: $30,000 Monthly: May-October: $1000-$4000 Nov-April: $600ish Husband: $35,000 Monthly: May-October: $2000-$5000 Nov-Apr: $0
W2: Husband: October-April: $70,000
Credit Scores: Me: 737 Husband: 720
The only debt we have is my student loans ($76k with a $600 monthly payment) and I’ve never missed a payment. We have never owned a home before, never declared bankruptcy.
We have consistent annual earnings of around $102,000 which can easily be proven through our paystub records, W2 and 1099 documents, and tax returns.
I am so beyond frustrated how loan officers still come back and say our income/employment is too inconsistent. Yes, our monthly income varies quite dramatically, but we are employed every month out of the year and make a decent amount of money. We just want to own our own home and I feel so upset. Do people who work contracting jobs or 1099s just never buy homes? There’s no way we are the only ones with work like this.
Please advise. Not sure what to do from here.
submitted by /u/Gravitys_Bitch
[link] [comments]
Need help getting a loan approval as a 1099 employee
Continue reading...