All Forum Posts by: Cal Mitchell

I have a couple of family members I could ask, but they are retired. I'm guessing this mean the bank would require their house as collateral in that case.

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Originally posted by @Ugochukwu Opara:

Hey buddy,

I'm a real estate sales agent in Philadelphia.

I'm running into the same problem, with a slight twist. I have a mix of w2 income and 1099 income and my options are slim. I have to either get a full time 40 hour job and keep that for at least 6 months. Or I have to show two years of 1099 (self employed) income with $30k or more in earnings.

I love being an agent too much to rip and get a w2 job so I just do flips in the mean time and help other investors manage their property (property management) to prepare me to be a great landlord.

More power to you. I think you're in a better boat than I am on.

Well shoot that's exactly the situation I'm in. You really can't combine the earnings?

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Originally posted by @Bill Gulley:

Mehran is correct, you need at least two years of "Full, part-time" employment, sounds like the broker doesn't know or didn't want the extra processing details. Two employers shouldn't be an issue, it will be the time employed. (I will say, construction is tuff to show as it is seasonal and weather related and market driven, depends on what you do, but even when some work, they have cash flow issues that often leads to late payments, the cure for that is having reserves). Go to your bank, they can see your account activity and see what your deposits have been. :)

That might explain why the lender at my bank was more willing to work with me than the guy I just spoke with. Thanks for the tip.

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Thank you for your input everyone. I'm planning on buying my first house in September, at that point I will have a full year of "on the books" activity. I will then be employed until April by my wintertime job, and can probably ask my summertime employer to give me a contract saying that I have a job waiting for me when the season rolls around. Would a contract for employment count for anything?

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I work for a home improvement company in the summer and I drive home heating oil trucks in the winter. They are both stable gigs and I make between 50-60 K a year. I am trying to prequalify for a loan and was just told by a mortgage broker that because my employment is split, that they don't consider my situation "stable." Should I expect to run into this obstacle a lot, or should I keep shopping around?

On a side note, I am looking to qualify for an FHA loan for a small multifamily property.

Thank you

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All Forum Posts by: Cal Mitchell

Cal Mitchell has started 1 posts and replied 7 times.

Post: Not enough money for my area?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?

Post: I work 2 seasonal jobs and am steadily employed all year. Will I be able to get a mortgage?