In working with a loan officer, the following took place. My fiance works in the medical professionals a therapist. He has for more than two years at the same facility. Initially he was a W-2 employee, then was paid by the State for six months, then finally ends the last six months of the year with a 1099.
I have the deposit but am unable to buy the home myself due to a foreclosure in July 2011.
This loan officer never suggested that 1099 income was a problem from early July until Monday November 25. That was the first mention of 1099 income being difficult.
Just prior to submitting the "package" to review, the officer reports my fiances credit score is too low. That raising his score is the only possibility and it has to be done..
Done. I engaged a credit repair company and with 3 weeks the credit score went up 50 points.the night before we were supposed to have it submitted for approval, the loan officer asks how my fiance was paid for the last six months, w-2 or 1099.
We find out he is in fact a 1099 and now we can't get a loan because of that. In writing on numerous occasions officer promised loan amounts and loans period were we to accomplish certain things.
So now we have a credit score but no place to go and lost the house we wanted.
Any financial recourse? I moved to a temporary house in the interim, had to board my dogs, store my furniture, etc and of course lost the house.
I have the deposit but am unable to buy the home myself due to a foreclosure in July 2011.
This loan officer never suggested that 1099 income was a problem from early July until Monday November 25. That was the first mention of 1099 income being difficult.
Just prior to submitting the "package" to review, the officer reports my fiances credit score is too low. That raising his score is the only possibility and it has to be done..
Done. I engaged a credit repair company and with 3 weeks the credit score went up 50 points.the night before we were supposed to have it submitted for approval, the loan officer asks how my fiance was paid for the last six months, w-2 or 1099.
We find out he is in fact a 1099 and now we can't get a loan because of that. In writing on numerous occasions officer promised loan amounts and loans period were we to accomplish certain things.
So now we have a credit score but no place to go and lost the house we wanted.
Any financial recourse? I moved to a temporary house in the interim, had to board my dogs, store my furniture, etc and of course lost the house.
