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My husband and I are looking to build a brand new home in Texas. We have great credit, money to put down and $125K equity in the land we own, that the home will be built on. We also have very minimal debt.
He is a W2 employee and I have been 1099-non employee compensation for 9 years with the same company. We file our taxes as married but separate and I write off a lot of business related expenses, which results in a low bottom line.
Will my 1099-non employee status hurt our mortgage application? Can my name still be listed and just not use my financial information and seek approval with just his income?
Neither one of us have ever applied for OR had a mortgage. We are just wondering what role the self employment part will play.
There's no real way of answering that question, outside of taking all your information in and working with a mortgage loan officer at your local bank.
By what you describe, it would seem to me that you guys have a lot of things going the right way, and that a mortgage loan with a great rate should be a slam dunk.
On the other hand, there are no guarantees.
So shop around. Don't be fooled into thinking that you can't apply to be pre-qualified at lots of different banks. Make the banks work against each other, as competitors. Be sure you read all the fine print. You should be just fine.
You shouldn't have a problem at all qualifiying for a mortgage just as long as you have some income and no debts on your credit. With the additional income on your side it would actually be a benefit and lower the debt to income ratio.
Yes, you can seek approval on just his income. Texas is a community property state so even if you are not on the loan you will have to be placed on the title for the property.
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