Stephanie Lynne
New member
We were pre-approved, found a HUD home, won the bid, need a 203k loan for floors, paint, etc., handed in our loan package with all needed documents. I just got a call from our mortgage lady telling me she didnt know that my fiance (who is the only one on the loan I am a SAHM) had a 1099 for last year. He had a 1099 for 2007 and most of 2008, he then switched companies (not occupation) and switched to W2 (last job did not provide W2's they had to have 1099's) so this august he will have been on W2's for a year. Our mortgage lady was concerned saying that she doesnt think she can get the loan to go through because he had a 1099. We are freaking out now, I put so much time with contractors for bids, put earnest money down, and no one in the begginnning even asked if he was 1099 or anything, wouldnt that be something they should ask in the beggining before we find a house put money down and fall in love with a home?
My question is, can we get a home loan with 203k loan with 1099 and now on W2's? Any advice or info would be greatly appreciated! Thanks
Sorry meant to add that we live in Georgia!
Thanks
My question is, can we get a home loan with 203k loan with 1099 and now on W2's? Any advice or info would be greatly appreciated! Thanks
Sorry meant to add that we live in Georgia!
Thanks