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home mortgage with no income last 2 years in US?
Posted on January 24th, 2011 5 comments
P asked:
I lived in US for 12 years. Went outside US for 3 years. Came back to US in June 2010 and I am working as a contractor in 1099? I always had a job both in US and outside US. Now I want to buy a home in CA. I am willing to put 20% down payment. how can I get a home loan?
Holly5 responses to “home mortgage with no income last 2 years in US?”
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unfortunately do to the current housing mess, stated income, reduced income, no income loans have all gone away.
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My Take on It January 28th, 2011 at 03:49
Not sure where the other guy got the idea you wanted to do a no doc/low doc loan..but…if you are a contractor and are in the same business you were overseas, I would say your tax return should suffice. Do you have 2 years worth of tax returns though? They also will go on your NET income after your deductions, not what you gross from your 1099.
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Landlord January 30th, 2011 at 12:20
You have income. 1099 is income just like any other income. You just use your federal income tax returns for 2008 and 2009 as proof of income.
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John Veenstra February 2nd, 2011 at 00:09
It is not exactly correct to state that “All” stated income programs have been eliminated.
It is correct to state that there are no national mortgage programs any longer.We do stated income mortgages in NJ and CT and nine counties in NY and eight counties in PA
I have seen an occasional stated income loan in a couple counties in CA, but, I do not lend in CA and only see such mortgages talked about by mortgage loan originators in CA. It comes and goes. IT is usually for self employed only who can document at least two years self employment and down payment is usually at least 30%, etc.
I can not help you get a mortgage. Just letting you know what you are up against.
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Doctor Deth February 2nd, 2011 at 04:48
only way to find out is talk to a lender
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Steven January 26th, 2011 at 08:17