Can You Buy a Home in Texas With 1099 Income?
Quick Answer: Yes, you can buy a home in Texas with 1099 income. Most lenders want a steady history in the same line of work, often about two years, plus your tax returns and bank statements. Because write-offs can lower the income a lender counts, talk to a loan officer before you file your next return.
Can I get a mortgage without a W-2?
Yes. Lenders approve 1099 workers all the time. The difference is how they prove your income. Instead of pay stubs, they look at your tax returns and your history.
What do lenders look at for 1099 income?
How long you've done this work. Many loan programs look for about two years.
Your tax returns. Lenders usually use the income after write-offs.
Your bank statements, to see deposits and savings.
Your credit and your monthly debts.
Why do write-offs matter?
Write-offs lower your taxes. They can also lower the income a lender counts. If you plan to buy in the next year or two, talk to a loan officer and your tax preparer together before you file. This is general information, not tax advice.
What if my tax returns don't show enough income?
There are other loan types, like bank statement loans, that look at your deposits instead of your tax returns. They come with different terms, so they're worth comparing side by side.
What should I do first?
Gather two years of tax returns, recent bank statements, and a list of your monthly debts. Then get a real number before you tour homes.
Text me and I'll help you build your plan.
Ai Tran (Ái)
Loan Officer tại Round Rock, Texas hỗ trợ người mua nhà
https://www.loanfactory.com/aitran
512-300-8611
Loan Factory | NMLS #320841
Ai Tran | NMLS # 2627075
NMLS Consumer Access
Ai Tran, Realtor and Loan Officer 2020 Realty Round Rock, TX 512-300-8611 https://www.AiTTran.com
About the author: Ai Tran is a bilingual Realtor and loan officer based in Round Rock, TX, serving Round Rock, Austin, Pflugerville, Leander, and Cedar Park. Through her One Desk Method she handles both the home and the loan, so families get the right house and the right financing from one person they trust. NMLS #2627075.
Equal Housing Lender. Ai Tran NMLS #2627075, Loan Factory NMLS #320841. Not a commitment to lend. Rates, products, and fees subject to change; subject to underwriting approval; not all applicants qualify. Loans offered in TX and CA only. Disclosures: https://www.loanfactory.com/aitran/disclosure
