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Updated over 6 years ago on . Most recent reply

Charles Mention's profile image
Charles Mention's profile image
Charles Mention
  • Banker
  • from Atlanta, GA
  • Member since Jul 28, 2018
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Charles Mention's profile image
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Charles Mention
  • Banker
  • from Atlanta, GA
  • Member since Jul 28, 2018
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Charles Mention
  • Banker
  • Atlanta, GA
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Creative Real Estate Financing

Can I qualify for an FHA loan with 1099 work history?

Charles Mention
  • Banker
  • Atlanta, GA
Posted

My goal is to house hack within the next 2 years with an FHA loan. I've heard that in order to qualify, you have to have 2 years of work history with the same company. I've been with my current job, Instacart, for 1 year now as an independent contractor and will soon be passing the exam to become a real estate agent in Greenville, SC. Is 1099 job history accepted or is a W-2 job required to qualify for a FHA loan?

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Harjeet Bhatti's profile image
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Harjeet Bhatti
  • Lender
  • from Glenview IL- CDLP NMLS#230554
  • Member since Apr 21, 2015
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Harjeet Bhatti's profile image
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Harjeet Bhatti
  • Lender
  • from Glenview IL- CDLP NMLS#230554
  • Member since Apr 21, 2015
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Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
746
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Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
Replied

@Charles Mention You can't add reserve requirement into loan. Although you can use 401K to show you have reserve for property. 

  • Harjeet Bhatti
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