Interest rates for 1099/self employed?

[zzz]

Could the real estate/loan guys on this board comment on what the rates look like for someone who is now self employed, but as of last year was W2? Consulting, so the income is steady, but just not a W2 employee. Does it matter how long the steady 1099 income has been coming in for? Ability to put down a significant % and still have significant cash reserves. No debt, 800+ credit score.

Thanks!

[afx114]

I’m not a loan officer, but as a 1099’er who just bought a home, they needed prior 2 years of tax returns, and interest rates were no different than if I was a W2’er.

[sdrealtor]

Everyone is different. Talk to a loan officer

[urbanrealtor]

[quote=afx114]I’m not a loan officer, but as a 1099’er who just bought a home, they needed prior 2 years of tax returns, and interest rates were no different than if I was a W2’er.[/quote]

As a friend of a loan officer, AFX is right.
Generally, you just need 2 years of documented income.

[zzz]

thanks afx and urban, can definitely document income, but the consulting has been this year, my last 2 years of returns are W2 income. its interesting because i’m hearing i’d likely NOT qualify for the best rate out there because i’m 1099, and i’ve had a “job change” technically speaking ( in the same field), but then i get all these buts. i might like to speak to your loan guys.

[quote=sdrealtor]Everyone is different. Talk to a loan officer[/quote]

sdr, believe it or not, i have. and just like there are good and bad agents, well the same is true of loan officers. you would not believe the differing wishy washy, back and forth, answers i’ve gotten from 2 different loan officers which leads me to believe they don’t know their head from the ass, 1 who has my complete financial picture. i know risk tolerance is not the same, and things can change, but i figured with the collective experience here, might hear some recent experiences/examples for 1099 buyers.

thanks

[sdrealtor]

I stand corrected. I should have said talk to a really good loan officer. If you need one I have one with about 20 years expertience and has done about 4,000 loans over his career. He isnt one of those “Yeah I can get it done guys” who promise the world and then try to figure out how to deliver it (and often dont). He’ll tell you like it is and has very very competitve rates.

[zzz]

sdr yes, can you pm his details. thanks

[sdrealtor]

will do

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