2

In Jan 2022, I got hired to work (remotely, living in USA) as a senior software engineer for a non-US company that was unable to hire me as a W2 full-time employee; they required me to create an LLC (in mid Jan 2022).

We signed a contract where they pay me a fixed amount monthly. The contract is "at will" (either side could terminate for any reason), but the spirit of it is that we both want the arrangement to continue indefinitely. They wrote the contract as a 12-month agreement that automatically annually renews. Additionally, there is a financial "retention" incentive where I get a large bonus after the first year and then monthly bonuses for the following three years (for continuing to work for them).

My partner and I want to buy a house quickly. Yesterday, we found one that is a great fit at a great price. I wanted to put in an offer, but 3+ lenders I've spoken with have said that my employment situation is too unusual, even though I'm a senior software engineer making plenty of money.

They say that their "guidelines are black and white" and that I need to show tax returns and profit/loss statements for 1-2 years for my LLC.

My partner and I can't wait until March 2023 (or whenever it is that our financial statements will all be available to enable us to file taxes).

How can I find a lender who specializes in this kind of atypical case?

(Rocket Mortgage and Better.com do not.)

11
  • 2
    product recommendations are off topic but there do appear to be some lenders that don't require tax returns, and can work with bank statements and your written contract instead. Best of luck on oyur mortgage hunt.
    – GOATNine
    May 20, 2022 at 13:12
  • 3
    What kind of lenders are you approaching? I would try small local companies rather than large "nationally advertised" lenders if you haven't already.
    – chepner
    May 20, 2022 at 14:57
  • 2
    Your situation requires the lenders to literally take your word for a tons of money. Foreign employer, SMLLC, no W2, all these are not just unusual - they present a significant risk to the bank. If you lose your job you won't even be eligible for unemployment benefits, as minuscule as they are in the US.
    – littleadv
    May 20, 2022 at 17:12
  • 1
    The reason I suggested a smaller company is that the large companies have a much larger pool of potential borrowers, so they can reject anyone that seems like a less than perfect risk. Smaller lenders, with a smaller pool of borrowers, may be more willing to look at specific circumstances rather than rejecting you out of hand.
    – chepner
    May 20, 2022 at 20:44
  • 1
    I’ll second the idea that you need a small lender for a non conforming loan. The issue you’re bumping in to is the machine for conforming mortgage loans. The machine says employment criteria of X, because ultimately the organization underwriting your loan only cares to sell the loan, they will then bundle it up and sell it. You need a lender that underwrites you and keeps the debt.
    – quid
    May 22, 2022 at 1:57

1 Answer 1

1

We applied to ~15 places, and only a local credit union was willing to work with us.

Then, before we even did the paperwork, my company luckily also was able to open a US entity and convert me to W-2.

So then most of the other lenders became interested in working with us too!

But we moved forward with the first company since we appreciated that they were reasonable even before the W-2 conversion.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .