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I have been working as a nurse for 30yrs. Worked w-2 and 1099 in 2012 and worked w-2 and 1099 in 2013. Stoppeed w-2 job last year in March and worked mainly as a 1099. I make a 6 figure income and have cleaned up my credit. I am looking into getting a mortgage since my lease is up on this house in December. One mortgage broker said I should have my accountant due a profit and loss statement. My accountant stated that he has seen after doing all this workthat other clients were still not able to obtain a mortgage. Who can tell me if I would be able to get a mortgage after haveing the accountant prepare all this work. Are there any mortgage companies or banks in ny that would consider giving someone like this a mortgage? Thank you.
I've been a 1099 for 20+ years, it varies but you will have to show tax statements, and possibly the last six months of bank statements showing income. It can be a bit of a hassle but you don't need an accountant. With a six digit income you should be fine, and as a nurse you shouldn't have many expenses so I don't see the point of a profit / loss statement. You basically are a contractor with a steady paycheck.
I have been working as a nurse for 30yrs. Worked w-2 and 1099 in 2012 and worked w-2 and 1099 in 2013. Stoppeed w-2 job last year in March and worked mainly as a 1099. I make a 6 figure income and have cleaned up my credit. I am looking into getting a mortgage since my lease is up on this house in December. One mortgage broker said I should have my accountant due a profit and loss statement. My accountant stated that he has seen after doing all this workthat other clients were still not able to obtain a mortgage. Who can tell me if I would be able to get a mortgage after haveing the accountant prepare all this work. Are there any mortgage companies or banks in ny that would consider giving someone like this a mortgage? Thank you.
They are going to average 2012 and 2013 NET 1099 income, not use any W2 income, and ask for a YTD P&L. If you filed Schedule C's for 2012 and 2013, add the numbers on Line 31 and divide by 24. This is your usable income, and must be more than twice the full house payment plus all monthly payments as listed on your credit report.
They are going to average 2012 and 2013 NET 1099 income, not use any W2 income, and ask for a YTD P&L. If you filed Schedule C's for 2012 and 2013, add the numbers on Line 31 and divide by 24. This is your usable income, and must be more than twice the full house payment plus all monthly payments as listed on your credit report.
Pfhtex, wouldn't it also depend on just how "cleaned up" her credit really is?
Pfhtex, wouldn't it also depend on just how "cleaned up" her credit really is?
Absolutely.
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