Looking for financing advice

[Mark V.]

Hi all,

I'm nearly done with my taxes so I want to start prepping. Looking to buy in the summer or near the end of the year.

I may actually qualify for a traditional but I need some advice.

Right now I'm a hybrid w-2 and 1099 worker. I started a new job in January (after being without the W-2 for 6 months due to a layoff) - how long will I need to work at this new job to have this included as part of my income? I've been in the same career field for over 16 years. Gross monthly from that is 11,250.

Also my 1099s add up to 166K (13.8K monthly) for 2023. My taxable for the business was only 16K though because I did a big sec 179 for a vehicle and did another set of big write offs for tax purposes.

I also have had a roommate for nearly 2 years. Who pays me $800 a month. I have documentation of payments and evidence he lives here and a rental agreement. He will be moving with me in the new home. I will also get another roommate who will also sign an agreement (I’m house hacking), but I think I need them to live with me for a year for it to count.

Please let me know what a lender would include for gross income for traditional for non-traditional. I'm weighing my options. I'm looking at homes 500K and under and looking to make a 10% down payment (I can do more just planning). I think that puts me at $4100 a month all in with escrow included. I also have a $2000 a month child support order on my record and a $580 car note. No other debt.

I have 2 CCs I pay off every month and a 810 credit score.