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Updated over 4 years ago on . Most recent reply

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16
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3
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Greg Clark
3
Votes |
16
Posts

Switching from 1099 to W-2

Greg Clark
Posted

I switched from working as a web development contractor (1099) to an employee (W-2) about 4 months ago. I checked with a local lender who told me that despite making a decent salary, having a high credit score and no other debt, I won't qualify for a mortgage until I have at least 8 months at my current job. He specifically said that it was because I went from filing as 1099 to W-2. 

So is there some other type of loan that I might qualify for sooner? Or should I abandon the hope of getting a loan any time soon and adjust my strategy to only involve flipping for a while? 

Or could I perhaps adjust to the Brrrr strategy (Is it possible to refinance a home without 2 years of consistent work history?) 

Hoping someone else has been in this situation before and can provide some insight.

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