Conventional Mortgage as 1099 w/ 1.5 Years Work Exp.

1 Reply

Hi All,

Waking up one morning to an alarm saying "You Finally Made It!!!", I was ecstatic to finally take that trip to the bank to file for my first loan application.  Listening to my favourite music and grabbing a Chic-fil-A biscuit (we all know how good they are) on the way to the bank, nothing was going to bring me down... or so I thought.

Finally getting to there and seeing plenty of happy smiles ready to sign me up for a loan, I thought with a 763 Credit Score and 50k worth of savings, I was in the drivers seat.

When we started sharing information, everything was golden until we came to my work history.  After determining that I was a 1099 with only 1.5 years work experience, the loan officer quickly shared a look that made that oh so delicious chicken biscuit want to come right out where it previously entered.

After searching through every loop hole, we came across the conclusion that there was nothing this bank could do to get me in the door.  Now, sitting here amazed that there is no bank that will touch me, with what I once thought was a great entry point, I turn to the BP community for help, guidance, and a new chicken biscuit.

Is there anyone who has been in my position and has managed to get into a 30 year Conventional Mortgage? Discussions have been made about doing a 5/1 ARM then refinancing after hitting the 2 year experience mark, yet, that would require double fees etc. Consideration has been given for waiting another 6 months then closing, however, there is a good deal lined up and losing that, along with a possible interest increase, have encouraged me to look for other options!

If anyone has any knowledge or advice on the matter it would be greatly appreciated!  Thanks for reading and hope this story made you hungry for a chicken biscuit and lemonade!

Best Regards,

Brandon S. Curson

Banks are amazing.  I have been self employed since 1998.  I have been paying my bills without any delinquencies.  Despite that, I can't qualify for a loan because they think I have zero income.

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