+1 vote
asked in Credit Advice by
I have been in my same line of work for 25 years but went from W2 to 1099 August of last year and my husband is always W2 as he has been a teacher for 20 years. Can we use our combined income? We will have 3.5-5% down and are currently working to pay our credit card debt to below 30%

1 Answer

0 votes
answered by (40.3k points)
Only your husband's income can be used and not yours. If you go from a W-2 income to a 1099-wage earner income, you need to have to wait two years as a 1099 wage earner. If you were to get a W-2 income job now, there is no waiting period.
commented by
ok so if we only use my husbands income and he has no debt, car paid for, a collection account we are disputing. $42k and 30k down what could we qualify for? $350?  His scores are above 580
...