Q&A: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.?
Question by REETA: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed 2000/month.? I am working with a company since January as sales rep and will receive a 1099. I am guaranteed 2000/month plus commission. Can I apply for mortgage loan (along with husband) or do I have to wait before my income will also be considered. Best answer: Answer by JudyYou generally need 2 years of stable work history. If you had another job right before that for about the same money, that would count. Give your answer to this question below! Q&A: How long do I have to wait to apply for mortgage loan being 1099 for 7 months. I am guaranteed...Read More
Question by Diego619: Can a person be an employee and a 1099 contractor for the same company doing the same work? I work for a mortgage company in California and many of the loan officers are 1099-contractors. FHA Loans have changed the rules and now requires all loan officers doing FHA Loans to be an employee of our company, but when they do conventional loans we consider them to be 1099-contractors. Is it legal to have a person as both an employee and a 1099-subcontractor? Best answer: Answer by Bestro Da Add your own answer in the comments! Q&A: Can a person be an employee and a 1099 contractor for the same company doing the same...Read More
House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income?
Question by TexasFlipper: House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble income? We are in a Texas general partnership. Best loan requiered that only one of us be borrower. We want to split income AND bulid income history for the partnership (so it can get its own loans later), so it needs to be the seller when we flip. 2 options I have found are deeding to the partnership pre-sale or puting the partnership on the closing statment to get 100% of proceeds and issuing a 1099 to it from me for all the proceeds. Deed seems cleaner but worried about due on sale clause in mortage. Thanks for any suggestions! Best answer: Answer by hithere2yaAnything you do thru the partnership builds the reputation of the partnership. Sometimes you may have to personally sign until such time as the partnership stands on its own. However in a general partnership everything flows thru to the general partners. If your lender is in agreement you can transfer the deed to the GP as you’d have had to personally sign anyway and that will not change. But if your partner wants some of the glory he also should sign the note with you. My partner and I sign all notes jointly. Anything one does thru the GP obligates both partners anyway. IF you are intent on “flipping” you need to know that there are rules on buying houses that have been sold that were held less than a certain time period to discourage such practices. FHA and VA loans (the majority of home sales) will not approve a mortgage on a home being flipped under 6 months. You run the risk of not selling in a short time and a slowing home market. If you sell a property in less than a year you are paying taxes at your regular tax rate. If you sell after holding for a yr and 1 day you are taxed at 15% as a long term investor. See a benefit here? I suggest that you make some long range plans to include taxation and financing. There always is a plan- one you make for success and the one you fail to make that is an automatic plan to fail. Good luck. Give your answer to this question below! House flipping w partner- the loan is on me only. 1099 or deed to partnership to share the taxble...Read More