My wife and I are looking at moving again and I'd like to buy if it's possible. I doubt it is, but I thought I'd give it a shot.
My wife works a normal job and brings in a steady, consistent paycheck. With only small gaps, this has been the case for several years. However, her income alone would not qualify us for much.
I do some contract (1099) work which brings in enough money that we would qualify for a mortgage. The problem is that my paychecks are very inconsistent. The smallest check was something like 10% of the largest one. The checks do come in consistently twice a month, though.
I started doing this last August (about 9 months ago). Before that, I was unemployeed (self employeed, really). Going back further, I held the same job for about 5 years ending in December of 2010.
Beyond this, we have some student loan debt and also some investment income (the two nearly cancel each other out).
Our combined income and debts would not be a problem for getting a mortgage. The only problem is that my income is not very conventional.
We live in Colorado.
Is there any way that I could qualify for a mortgage?