I have an opportunity to work out of my home for a person who is running a marketing company out of his home.?

[Lady D]

You are employed, but will be SCREWED come tax time. He has you as basically a contractor, rather than an actual employee (IF he has you on the books at all, which would be illegal if he didn't.) Not only will you have to pay your regular taxes, but you will be responsible for Social Security, Fica, etc.

Ask him how he will handle W2's at tax time. If he says there won't be one, then no, banks don't consider you employed. If it's a 1099 you are responsible for the additional taxes in a lump sum at tax time AND banks consider you self employed. This is a high risk group of people in credit, so it while it will slightly increase your chances, you still face obstacles.

You might also want to check and see if he has a business license. If he doesn't, not only isn't YOUR job valid, but his company isn't either. If this is the case quit now. If you don't, at LEAST make sure that you don't sign ANYTHING and that your name isn't used on anything.

Also, if he doesn't have a business license, start tracking your credit report just in case. A friend of mine had something similar happen to her and her "boss" had opened accounts in her name. When she went to get a mortgage she discovered over $5000 in Fed Ex accounts she had never opened.