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I understand that you would like to use the income from your current contract, but unfortunately investors seem to think that since we are lending money for 30 years we should have more like a two year or two year plus income average income to look at. If you are paid on a 1099 you are self-employed. All lenders will use your last two years average so that means you need to do your 2011 taxes – especially if 2011 was better than 2009. Also, don't wait on filing that tax return because most lender will require that the return was received by the IRS and that can take over 30 days. If they can't verify the 2011 return they may want to use your 2009 and 2010 average.
And Joe is dead-on about using conventional financing and not FHA. The only reason you may want to use FHA is if the property is too trashed to finance and you are going to use the 203(k) rehab loan. If you are looking at this option be sure to get all the details about who can be the contractor, etc. with the lender BEFORE you start writing offers. Most lenders won't let you be both the borrower and the contractor. There may be exceptions and you may be able to do some of the work, but get the details up-front and don't assume anything.
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