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Updated 9 months ago,

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6
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6
Votes
Victor Nguyen
6
Votes |
6
Posts

How can I find lenders to give me a mortgage if my only income is 1099?

Victor Nguyen
Posted

I am a first time home buyer trying to start my real estate portfolio. My goal this year is to buy a rental property that I can lease as soon as I close or after some minor repairs. I am open to single family homes and duplexes. My only income is 1099s, which I write off a majority of it to lower my taxes. I have over two years of 1099s, a very high credit score, and enough capital to put down a 20% down payment on properties around $250k-$300k. The first lender that I went to for a loan just told me that they can not provide me with a mortgage because my income "on paper" was too low. What should I do in this situation? Is there any other loans that I should apply for?

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