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Updated almost 4 years ago,
Recent Transition to 1099 and Can't Get a Refi!!! Any Advice??
Hi BP community - just looking for some advice or answers as this is a new road I'm going down and not sure if there are many alternatives for this situation. All my life, I've worked W2 jobs and as of two weeks ago, took the leap to get into 1099 work selling solar paneling in the Carolinas. More income opportunity, chance to run my own business, be my own boss, etc... all the reasons one may decide to make the change.
However, was in the middle of a refi on one of my rental units and upon communicating with my lender on my career change, I was told that there shouldn't be an issue as long as they were able to wrap everything up while I was still employed at my W2 job. Long story short, timeline went longer than expected and they were unable to complete the refi due to the job change and proof of minimal income after being in my role for just under two weeks. The only 2 options my lender gave were: Get a W2 job (which I won't do), or wait 2 years to be able to prove income that meets their requirements. Any thoughts, advice, or other options would be much appreciated as this is uncharted territory for me! Thanks everyone!