1099 for 5 year cant get financing
My brother in law is trying to find a way into his first home that he wants to live in and cash flow. However his situation is a tad un-ortodox.
Positives:
- Has 83k saved
- This will be his first home
- Makes around 110k per year pre- “business related deductions”
- Has worked with the same company for the last five years
- Knows he wants to invest in Taylor, Texas (76574)
- Is ready to get into a house as soon as possible
Negatives:
- He is a 1099 employee
- His tax situation has his income reported as 40k~
- Knows little or nothing on how to secure finances
- Does Not have great knowledge about the area
Has anyone been able to figure out the best way to secure finances as a 1099?
Most Popular Reply
There are lenders out there for him!
I have one lender that will go 100% off the 1099, no tax returns needed.
20% down payment, 50% max DTI, just need a 2 year history of 1099 from the same place (which sounds like he meets).
Dont get discouraged!
Also since you mentioned DSCR - DSCR would mean he cannot live in it. Consider there being a giant wall between consumer financing (a house you live in) and investor financing (one you are not allowed to live in).