My wife and I (in our 20's) are looking to purchase a home in September after our lease is up, but won't quite have enough for 20% down by then (most likely 10-15%. I've currently switched from W2 income (2.5 years consistent) and will only be at 9 months of recorded 1099 income by September. I know that lenders generally look for 1-2 years of tax returns for that, but I won't have made it to that point by then.
TL;DR: Just switched from W2 to 1099 income and want to buy a house in 9 months.
My question is what are my options for purchasing a house (90-130k) with my situation? Can I use my W2 income history? Are there better loan options than an FHA for my situation?
Other info that may be helpful:
- My wife and I have 0 debt as of August 2019
- This is our first house purchase
- She has excellent credit, I have good
- The move is cross-country
- My current job, while contract, has fairly stable pay and hours
- The job is the same type of job as before