Zillow Advice: Approval Process - Spouse working as contractor on 1099 will her income be considered for mortgage http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ Zillow Advice | Zillow Real Estate I have a case just like yours ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ I have a case just like yours now. My borrower was working for an Insurance Co. as an Claims Adjuster. She too went from having an office to working remote from her home and now they pay her on a 1099 not a W-2 as previous. <br/><br/>I ran the scenario by my Underwriter and it was a little bit of a tug of war, but we came up a plan she told me with what was needed to move forward and we are good to go. I promise you if you don't deal with an experienced Loan Officer it will be a train wreak. Please feel free to contact me direct by clicking on my profile.<br/><br/>Best of Luck! Sat, 21 Sep 2013 02:16:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-21T02:16:00Z As long as she shows continuity ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ As long as she shows continuity of income from&nbsp; the same employer. Going from&nbsp; a W-2 earner to 1099. In this situation she does have continuity of income; this is a fannie mae underwriitng guideline.&nbsp;<br/> If she is&nbsp;a 1099 earner with a different company then that would be an issue. Sat, 21 Sep 2013 02:02:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-21T02:02:00Z Hi Nathan,We have 2 portfolio ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ Hi Nathan,<br/><br/>We have 2 portfolio programs designed for Self Employed ( 1099 ) borrowers. We would be able to get you financed. <br/><br/>You can call me at <strong><em><u>[spam content removed by Zillow moderator due to violation of <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>]</u></em></strong>.<br/>-Craig Sat, 21 Sep 2013 00:04:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-21T00:04:00Z Yikes.&nbsp; That's tough.&nbsp; ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ Yikes.&nbsp; That's tough.&nbsp; The problem is, she's going from W2 income, with simple tax deductions, to now being able to write off anything and everything under the sun...<br/><br/>Typically, an underwriter wants to see at least 2 years of "Self-Employed" income, or 1099 income-&nbsp; You MIGHT get into a situation where you can prove that she works for the same company and have a letter of explanation that would help the situation-&nbsp; <br/><br/>I would suggest getting "in process" with or have the lender of your choice get your docs in front of an underwriter and see what exceptions can be made-<br/><br/>Also, get a letter from the employer to assist in explaining the situation...<br/><br/>Hope that helps -&nbsp; Good Luck! Fri, 20 Sep 2013 23:37:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-20T23:37:00Z I would not count on being ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ I would not count on being able to use the 1099 income.&nbsp; The lender will not have any way to know what her net self employed income after her expenses are and they aren't going to guess at it.&nbsp;&nbsp;&nbsp; <br/><br/>Most likely you will need to qualify on your income only.&nbsp;&nbsp;&nbsp; Fri, 20 Sep 2013 22:50:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-20T22:50:00Z That is a tough one. Usually ... http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ That is a tough one. Usually you have to have a two year history of receiving a 1099 as independent contractors tend to have inconsistent income and also write off a lot of things and those things need to be deducted from their income, but a lender may make an exception for this since she is doing the same job and for the same company.<br/><br/>It wouldn't hurt to talk to a lender and try. A good lender will be able to take your application and send the scenario through underwriting before ordering an appraisal to make sure it is going to work (or tell you if it won't and why).&nbsp;<br/><br/>Greg Fri, 20 Sep 2013 21:46:00 GMT http://www.zillow.com/advice-thread/Spouse-working-as-contractor-on-1099-will-her-income-be-considered-for-mortgage/512219/ 2013-09-20T21:46:00Z