How can I get financed with a new 1099 income?

Question

I started a new job 6 months ago as an canine trainer, independent contractor. Unfortunately I am also going through a divorce.

My work requires me to bring a dog home for 2 week periods. Which makes it tough to rent anywhere. Plus the rental market in my area (Bay county) is already crazy.

No lender wants anything to do with me because I need 1-2 years showing my income.

Is there anyway, any program, anything that I can do to work around this?

Going back to my previous job is not an option.

Is there anyway, any program, anything that I can do to work around this?

Going back to my previous job is not an option.

Andrew Postell · Answer

@Megan Noblit you can absolutely get a loan.  100%.  But it may not be what you are expecting.  Meaning, a traditional FHA loan would have a low rate, 3.5% downpayment requirement, and even have some "first time homebuyer" or "downpayment assistant programs" that could help with your downpayment.  However, that loan type would require 2 years of contract work experience shown on your tax returns to have a shot.  Alternatively though, there are plenty of loans that will ignore your income (even on your primary home) but they will require something like 20% down.  That's a big difference.  But they do exist.  Anyway, feel free to post anything else if you need.  Thanks!

Megan Noblit · Answer

Does that include local credit unions?

Jared Hottle · Answer

Unfortunately with under 2 years of 1099 income it will be impossible to find a secondary market loan with low interest rate, down payment and long term fixed. I would recommend reaching out to 50 local banks and tell them your situation as I am sure at least one can do something with an in-house product depending on how much money you can put down.