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kehall28 · Joined: 02 Apr 2008 Posts: 2 1.83 Dollars($)

For a 1099 employee to get a loan?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi kehall,

Welcome to the forum.

As you a 1099 employee, you may not get a large amount of loan. But you can surely shop a bit for lender and see if they can offer you some program.

you can get "No-obligation free consultation" from the community lenders by just filing the form at http://www.mortgagefit.com/

Hope this helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

kehall28 · Joined: 02 Apr 2008 Posts: 2 1.83 Dollars($)

I am looking for 200K. Credit score of 700, 100k 1099 (70k taxable income) 5250.00 guaranteed per month and can be guaranteed through documentation if needed. We have 80k in student loans and 800 a month in car loans. We have not been turned down but have been given the run around for 3 months and would really like someone to tell it to us straight.

jeffselan · Posted: Fri Apr 04, 2008 7:38 am Post subject: 1099

One thing to consider is your length of employment as a 1099 employee. Usually you are looking at two years for the purpose of income averaging.

You shouldn't have an issue as long as you average income you claim. A lot of 1099 employees shelter their income htat, of course, causes them problems when applying for loans.

Guest

OMG I never knew! Iam a newby to 1099 employment. I never knew the disadvantage to this. I have been trying to secure a car loan for the past 3 months and cannot get an approval. And to make matters worse I have only been employed as a 1099 for 4 months. Can anyone offer a suggestion? Help!

gmakerley · Posted: Tue Sep 09, 2008 2:25 pm Post subject:

teddi, you might want to join a credit union and seek your loan there. they tend to be more lenient with their credit analysis. what's your prior job history like?

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