No more W2

5 Replies

Laid off March 2014.  No independent contractor (1099).  Will anyone give me a loan or do I need to wait another 1.5 years?  

Sorry. I should have posted in the lending section.  Admin - Please move as you see appropriate.

Going to need a lot more info then this.

Originally posted by @James Wise :

Going to need a lot more info then this.

 Such as?  From what I understand lenders don't like to loan to people on 1099 or had major career changes within two years.  I fall into that category now.  Was a corporate guy for 25 years.  Now independent contractor in a different field.  

Is there anyone that takes a chance on that or am I forced to be more creative with hard money or seller financing?

I would start with

Are you looking for a bank loan or private loan?

What do you bring to the table?

What is your fico?

What is your net worth?

What is your DTI?

What assets do you have to use as collateral? 

What is the loan going to be used for?

How much are you looking to obtain?

Originally posted by @James Wise :

I would start with

Are you looking for a bank loan or private loan?
Lender...not bank

What do you bring to the table?
Looking for buy/hold rental SFH

What is your fico?
Over 800

What is your net worth?
n/a

What is your DTI?
Was under 15% before layoff.  Hard to say now since income fluctuates

What assets do you have to use as collateral? 
Not sure what is acceptable

What is the loan going to be used for?
buy/hold SFH

How much are you looking to obtain?
Under 100K homes

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