W2 to 1099 Disadvantage for Financing

[Bradley Sindt]

I recently switched from a job I had out of college as a commodity trader and worked corporate America for almost five years. I then dove head first into real estate. I'm licensed and am also flipping my first deal, which is set to close in the next two weeks. With my previous job, lenders were contacting me to buy house, and ultimately I got pre-approved by 3 different lending institutions and I set up to find a 'house hack'. Long story short, I'm now having a hard time finding financing only because I haven't been a 1099 earner for over two years. I don't even get asked about my credit or about my net worth, earning, etc. Going into this, I knew that it was going to be somewhat more challenging to find lending but didn't think it was to this point. I had to go to a local small town bank to get financing on this first deal, which I bought at an estate auction and was underpriced.  I know there's other avenues and creative financing is available, but people should know finding financing from major lenders isn't always as easy as you may think after you make the switch.