Five years ago when I decided to walk away from a paycheck, health insurance, life insurance to pursue self-employment I never considered the ramifications as it related to banks and loans. I have been able to maintain the lifestyle I had while traditionally employed. I’ve paid my taxes. Paid my bills. I understood the debt to income ratio when I still had a mortgage, but I’m mortgage free now and if my car hadn’t died I’d have less than $10k in total debt. I understood the lack of collateral in the house before I spent 2 years restoring it, but I don’t understand what is happening now. I’ve been turned down again on a loan for the following as sent by email from the loan officer:
“Venus, thanks for these (I sent him my 2019 1099s). Underwriting took a look at what you had previously sent, and still denied the loan. I had resubmitted it, and it was reviewed again by another underwriter. For reasons beyond my pay grade or understanding, the loan has been denied a second time. When I asked why, I was told the 1099 income is considered inconsistent. I was given no other explanation. If you’d like to speak to someone about this, Rick Burkhardt is our Bank President, at 513-842-8900. I’m sorry I couldn’t make this work for you. I have a lot of respect for you and the job you’ve done on your house, and I have no doubt that you will get a loan in the future. I’m just sorry it wasn’t with us.” F%*k Guardian Savings Bank.
For the first time I truly regret buying this house. Prior to looking at houses in the City of Cincinnati I was looking to get the hell out of here. I should have stayed on that course of action.