Home Loan for Consultants (refinance, house, buy)

[NovaConsultantloan]

I am a consultant working in this area for 3 years now. My preliminary inquiries indicate it's not possible to get a Home loan if you don't have a full time job even if you have had stable uninterrupted hourly income for the past many years.

As a lot of people in the NOVA area are Consultants, W2/1099, please share experience with getting a loan in such situations.

[tsuric]

Get the full time job, get approved for the loan, then quit the job immediately after closing!

[mdcrim]

Two years of tax returns and 1099's seem to be all that's needed (in my experience).

[CAVA1990]

Originally Posted by mdcrim

Two years of tax returns and 1099's seem to be all that's needed (in my experience).

I didn't buy a house but I did refinance while self-employed and they just asked for a couple years of tax returns and a P&L from the business showing sufficient profit since the last filed return. Might have asked for a couple of bank statements too but I can't recall now.

[NovaConsultantloan]

Originally Posted by mdcrim

Two years of tax returns and 1099's seem to be all that's needed (in my experience).

That's Plan B

[VRE332]

If you're a 1099, are you an employee of your own company? Don't you give yourself a salary?

[info781]

2 uninterrupted years with the paperwork to prove it is all you need, everyone I have talked with, says that is the industry standard now.

[VTHokieFan]

Originally Posted by NovaConsultantloan

As a lot of people in the NOVA area are Consultants.

"The work we do is important."