Help getting a loan as a 1099 worker!

10 Replies

Hi everybody,

I’m a commission only salesman and having a heck of a time getting a loan. I’ve been in my current position for 9 months and recently graduated college. I understand that some lenders may accept 1 year of commission only if you are a recent college graduate.

If anyone knows any great lenders in Ohio (specifically Cleveland) that would be able to help me navigate this please PM me!

Originally posted by @Max Horenstein :

Hi everybody,

I’m a commission only salesman and having a heck of a time getting a loan. I’ve been in my current position for 9 months and recently graduated college. I understand that some lenders may accept 1 year of commission only if you are a recent college graduate.

If anyone knows any great lenders in Ohio (specifically Cleveland) that would be able to help me navigate this please PM me!

 The simple solution is to make more money and purchase cash. Haha, jokes aside, I would reach out to a hard money lender or commercial lender, both will be more flexible with lending without 2 years of work history. All conventional banks that I've spoken to will require two-year work history. I have a list, I can send over if you'd like. 

If you have a lot of cash and good credit you can use a hard money lender such as LimaOne. If you want a nice 30yr fixed fannie loan you will need minimum 1 year of commissions and they'd take the 2 year average of it (essentially cut your income in half for underwriting if its only been a year). The biggest things they really want is tax returns to prove the financials.

Are you looking for a primary home loan or investment loan? If you can find asset-based loans to purchase flips or rental properties. You will may a little higher interest rate, and normally need a little more in downpayment but it's a great way to get started!

I am in a similar situation. I got a cosigner from a family member for a SFH and will be partnering with other family members on future ones. I have also looked into hard money and commercial lending. It is pretty hard to get around that 2 years average income but hopefully, those are some possible options. @Max Horenstein

@Max Horenstein , if you are looking for a loan for your primary home, it’s hard to get around the 2-year income history unless you try local small banks or credit union. If you are looking for a loan for investment property, there are lenders who can help you out. They look at the rent income of the property. If it’s enough to cover all the expenses and mortgage payment. You are qualified. Interest rate is about 2% higher than conventional residential mortgage.

Originally posted by @Max Horenstein :

Hi everybody,

I’m a commission only salesman and having a heck of a time getting a loan. I’ve been in my current position for 9 months and recently graduated college. I understand that some lenders may accept 1 year of commission only if you are a recent college graduate.

If anyone knows any great lenders in Ohio (specifically Cleveland) that would be able to help me navigate this please PM me!

 You can use hard money and flip. Or you can start cold calling and ask people to seller finance.

Originally posted by @Brandon Goldsmith :

I am in a similar situation. I got a cosigner from a family member for a SFH and will be partnering with other family members on future ones. I have also looked into hard money and commercial lending. It is pretty hard to get around that 2 years average income but hopefully, those are some possible options. @Max Horenstein

Messaged you  

Originally posted by @Brandon Goldsmith :

I am in a similar situation. I got a cosigner from a family member for a SFH and will be partnering with other family members on future ones. I have also looked into hard money and commercial lending. It is pretty hard to get around that 2 years average income but hopefully, those are some possible options. @Max Horenstein

What were the terms for the cosigner? This was for an investment property and not a residential property correct?