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Switched to 1099..pls help

Chalanachithram.com DB » New TF Industry Related » Archive through July 12, 2017 » Switched to 1099..pls help « Previous Next »
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Post Number: 53528
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Posted on Tuesday, July 11, 2017 - 07:26 am:       

Out Thadi mattayya out..self employees ki mortgage raavadam kante megamillion lottery gelavadam easy measharoo..good luck with that.
 

Happydays
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Posted on Tuesday, July 11, 2017 - 07:02 am:       


Andhravodu:

Previous w2s unnayi kada, this is mot like ur 1st job. Whats the issue?




issue ante..one loan officer is saying..1099 lo they need 2 years of tax returns.kaani..i just moved recently on 1099 and i don't have 2 years of 1099.
let me call few more loan officers and see what they say.
Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida
 

Happydays
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Posted on Tuesday, July 11, 2017 - 06:56 am:       


Uno:

depends on lender
For 1099 banks needs to see tow years
For W2,Only 1 year is enough
But your case is hybrid




last 12 years...I am on W-2.
So..i have sufficient W-2's.
Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida
 

Happydays
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Posted on Tuesday, July 11, 2017 - 12:19 am:       

thanks..i spoke to one loan officer and he told it might be an issue.
i will speak to more officers and see what they will say.
Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida
 

Andhravodu
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Posted on Monday, July 10, 2017 - 10:23 pm:       

Previous w2s unnayi kada, this is mot like ur 1st job. Whats the issue?
 

Uno
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Posted on Monday, July 10, 2017 - 10:18 pm:       


Happydays:

I switched to 1099 from W-2 and the closing is within 2 months.
i came to know the closing might not be possible as i need to show 2 years of 1099.
what options do i have..pls help




depends on lender
For 1099 banks needs to see tow years
For W2,Only 1 year is enough
But your case is hybrid

But some banks may consider or you will have better chances if you go through non-traditional lenders (I mean financial Institutions/Mortgage lenders other than the banks ex:Quicken Loans)
 

Happydays
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Posted on Monday, July 10, 2017 - 09:38 pm:       

I switched to 1099 from W-2 and the closing is within 2 months.
i came to know the closing might not be possible as i need to show 2 years of 1099.
what options do i have..pls help
Chiru,Veturi,SPB,Ilayaraja,Jandhyala,Vamsi,K Viswanath,Sachin,Florida

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