Help getting a pre-approval with a 1099 job?

[Jimmy Lieu]

Hello BP community,

I recently just road-tripped from Portland, Oregon to Columbus, Ohio to start building my real estate portfolio here. However, I've just come across a huge hurdle. I received my job letter and it's a 33K annual salary but it's a 1099. 

I am a recent college graduate so I was hoping to use my prior college experience to fulfill the two years of work experience. However, after talking to a lender, I was told this applies only to W2 positions, not 1099s. With a 1099, I absolutely need 2 years of work experience.

I have over 6 figures in investment assets right now (cryptocurrency) and over 40K in fiat. I have the cash and assets to do a 20% down payment without issue. I am hopefully looking to do a HomePossible or 20% down payment.

Are there any lenders who can provide me a pre-approval with my situation? Or what would you recommend me to do? Or should I try to find a local credit union? Would love to get some advice and insight on what to do.

If there are any Cbus investors out there, I'd love to get your recommendations especially

[Marc Rice]

@Jimmy Lieu

You’ll want to use a commercial lender if you don’t have 2 years as a 1099. The other option is find a partner who has a W2 or 2 years of a 1099 to get the conventional fannie Mae loans.

You could always buy in cash too and refinance with a commercial lender at 70-80% LTV as well.

I’d recommend checking out LimaOne, Aloha Capital, or Wildcat Hardmoney Lending for the commercial route.