Hey everyone hope all is well. hopefully i can get some help. so im from NYC looking to move to miami. i have a job opportunity in miami but i want to purchase a property instead of renting. i have properties in mind but the problem is i can't get pre approved because its going to be a 1099 job. i have great credit and funds for a decent downpayment. any tips on how i can purchase a property without having a w2 or having to wait 2 years to show how much i made?
One option would be try to buy a property using seller financing. You'll have to find a property in which the owner owns out right (with no mortgage) and this may be a little tricky. If you do find one, the owner may be interested in doing seller financing because they will begin to receive passive income. Since you have great credit, this may be an excellent option.
interesting! thanks for the feedback! i will look into it but can't help the feeling that for this to work is like hitting the lotto :(
Hey @Elvis Genao there are direct lenders that specialize in loans for self-employed individuals, those with 1099 income, etc. Here is a link to one that may be able to help you out:
I have never worked with this particular company but wanted to point you in the right direction. You have options. Hope this helps!
@Raymond J. Rodrigues - can you help?
Buy a home “subject to” the existing mortgage. In two years when you qualify based on tax returns refinance to a mortgage in your name.
@Elvis Genao I can't qualify for a loan either, and am checking out MCM Capital Solutions' program for people like you and me. [If anyone has anything to say about them, please chime in!] The program is for people with no qualifying income, good credit, 25% down, some reserves. Here is their website: https://mcmcapitalsolutions.co...
If you have a lot of assets, there is a program through Angel Oaks called Asset Qualifier. You would need to have 700+ credit score, the loan amount plus an additional $500k, plus a few months reserves for payments, and 60 months of reserves for other recurring debt. Needless to say, I do not qualify for this one. ;-) Here is their website: https://angeloakms.com/
If you discover any other programs along the way, please report back.
So if this is for a primary residence then you could use seller financing, rent to own, or look into NON-QM lenders and see if they have any options for you in regards to moving from W2 to 1099 which depending on if you are in the same line of work or not may or may not work.
If this is for an investment property than you can look into getting a DSCR loan. These loans are based on the property and it's ability to generate enough rental income to cover the mortgage, taxes, insurance, HOA, etc.