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Can I Buy a House if I’m a 1099 Contractor?

Questionkeyboard wide Can I Buy a House if I’m a 1099 Contractor?

Q: I currently make $45,000 and my wife is a tenured high school teacher who makes $65,000. I’ve been offered a long-term independent contractor position that’ll pay $20,000 more a year. But will getting a new job right before trying to buy a house kill our chances of getting approved for a mortgage? – Top Locker in San Diego

A: You will want to speak with a local lender who can definitively answer your question. A change in employment does not preclude you from getting a loan – but it may delay the process. Sometimes they will require a letter from the new employer verifying employment; or they may want to wait for the first 2 pay periods, or a combination of both.

I would speak with a local loan broker, as well as a major lender. A broker has the ability to shop the loan to whomever has the best interest rates, while a major lender will only sell you their products.

Adam Brett is a Realtor® with RE/MAX of North Orange County in Fullerton, CA. 

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