1099 contractor 2 year waiting period to purchase?

[Christopher Cano]

Hello all,

I’m a overseas contractor who receives a 1099 but want to dice into real estate. I was recently told by a co worker that in order to obtain a mortgage a 1099 contractor has to have 2 years of employment before any bank will consider me for a mortgage loan. Does anyone have any experience with this? Do I have to wait another year before purchasing my first rental? I currently have a mortgage for my personal home, not sure if that’s relavent or not.

If I do have to hold off for another year, will private lenders be my only option?

Thank you for your help and advice. If I don’t respond quickly it’s because I’m on a totally different time zone and might be asleep.