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Hello, my dentist friends. Josh Mettle with Fairway Independent Mortgage Corporation here. Today I'm going to answer the question, how do we document income for 1099 independent contractors? As you might know, with conventional loans this can be a real challenge because if you don't have a full two-year history, they consider you self-employed, and there's virtually no way to get the loan done. The great thing about our loan programs is we will allow a client to qualify based on 1099 income sometimes without any history at all. It depends on the employment contract, and how it's worded, and if there's some guarantees in there.
Often times we can do just an employment or offer letter for a 1099 or independent contractor. You don't even need your first paycheck stub. Now if you're already on the job, no problem. We have solutions for that as well. If you're an independent contractor, you've run into some challenges getting financing, or you anticipate you might run into challenges, we'd welcome you to contact us through our website. We're here, we'd absolutely love to hear from you and answer your specific questions.