1099 for 5 year cant get financing

[Brad Seidel]

My brother in law is trying to find a way into his first home that he wants to live in and cash flow. However his situation is a tad un-ortodox.

Positives:

• Has 83k saved
• This will be his first home
• Makes around 110k per year pre- “business related deductions”
• Has worked with the same company for the last five years
• Knows he wants to invest in Taylor, Texas (76574)
• Is ready to get into a house as soon as possible

Negatives:

• He is a 1099 employee
• His tax situation has his income reported as 40k~
• Knows little or nothing on how to secure finances
• Does Not have great knowledge about the area

Has anyone been able to figure out the best way to secure finances as a 1099?

[Sasha Mohammed]

There are lenders out there for him!

I have one lender that will go 100% off the 1099, no tax returns needed.

20% down payment, 50% max DTI, just need a 2 year history of 1099 from the same place (which sounds like he meets).

Dont get discouraged! 

Also since you mentioned DSCR - DSCR would mean he cannot live in it. Consider there being a giant wall between consumer financing (a house you live in) and investor financing (one you are not allowed to live in).