Can I qualify for a loan with just a year of 1099 tax return?
Can I qualify for a mortgage with only a year of a 1099 tax return? The other year we have bank statements to prove our income. My husband has 2 work trucks that are financed in our names with personal loans. Should I refinance both under our LLC before applying for a loan? Can this affect our qualifying for a mortgage? by josh smith2 from Plano, Texas. Nov 29th 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Yes, you can...will not be a Fannie or Freddie loan. It would be a NON-QM loan. Check with your local mortgage banker or broker. Not a retail bank.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Possibly... We need more information. You can potentially get a regular conventional loan with one year of self-employment (and completed tax returns) IF his previous employment was in the same line of work. There are also alternative income documentation loans possibilities if he has been self-employed for at least two years. 1099 only is a possible loan option. These alternative loans come at higher interest rates, but at least there is a loan option. I lend on all loans, including these alternation loans (known as Non-QM loans) in WI, MN, IA, ND, SD. | Cambria Mortgage | Wi-MortgageBroker.com/quick-quote | NMLS 274132
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