Refinancing a rental on 1099

[Sandra Regnell]

I have a rental that is financed on a conventional loan at 5.65%. I was approached by the lender on another property to lower the interest rate to 3.31%.

I got all the way to appraisal and would not accept my income type of 1099. I just started contracting in May through an agency. I am literally doing the exact same job I’ve been doing but I now get paid more and cover my own insurances. I did incorporate.

Are there lenders that might offer a lower interest rate without charging thousands of dollars or am I stuck until I have 2 years of 1099 income?