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Updated about 1 year ago on . Most recent reply

Alex Ng's profile image
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Alex Ng
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Alex Ng
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Alex Ng
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First-Time Home Buyer

Does 1 year of 1099 form enough for an FHA 203k or a Homestyle loan?

Alex Ng
Posted

I'm looking to buy a fixer duplex in order to rehab and househack. I only have one 1099 form. Would lenders make an exception with this? What can I do in order to qualify?

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Matthew Porcaro
  • Rental Property Investor
  • from Long Island, NY
  • Member since Apr 7, 2016
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Matthew Porcaro
  • Rental Property Investor
  • from Long Island, NY
  • Member since Apr 7, 2016
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Matthew Porcaro
  • Rental Property Investor
  • Long Island, NY
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Matthew Porcaro
  • Rental Property Investor
  • Long Island, NY
Replied

The only way to find out is talk to a lender. Common misconception is that you need to have all your ducks in a row BEFORE talking to a lender. 

A good lender or loan officer will see your specific financial profile, tell you what is and isnt possible, and ultimately should give you suggestions on what to aim for and focus on so that you can get what you need to eventually be ready to purchase. 

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