FHA, Fannie Mae & Freddie Mac – Income from 1099 to W2: Is there a waiting period for a borrower that changes from a 1099 job to a W2 job?
Answer – FHA Says: While FHA has a ‘6-month rule’ regarding gaps in employment, I do not believe that your situation is necessarily a ‘gap in employment’. The 6-month rule is referring to borrowers who leave the workforce for 6 months or more. It sounds as if your borrower never stopped working. That said, 1099 income [...]