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Updated about 8 years ago,
Having trouble with getting my first property
hello BiggerPockets. I have found a great house in my market. I just spoke with my mortgage broker earlier today and he told me since I am 1099 wage earner that it is going to be hard for me to get any type of loan for my first property. Granted I make 50K Plus in salary, but after my expenses are taken away I'm only making 13 a year in salary and 1000 and some change a month. He said that my income is not high enough to get any type of house. Also he said that I will have to work much harder with the current job that I have now 2 offset my expenses and generate more income a month. He's told me that I could go about it with a cosigner that makes a decent amount per month maybe around 30k a year at least and that would put me at the 35000 year to get the house. So I need help bigger pockets is there any other way that I can get into this house with me being 1099? Or do I need to change jobs with a W2 W-4 tax bracket? Any kind of advice or if you've been in this situation I know somebody that's been in this situation would help me greatly. Thanks.