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How hard is it to get a home mortgage while on contract?
Posted on November 8th, 2009 2 comments
Ash asked:
I’m hoping to buy a home in the near future. I have a very good job, but I am currently on contract. I have been here for close to a year and have another year still remaining on my contract, at which time I will hopefully be made perminant. I have $25,000 to put down towards a home and have a good credit score. What are my odds of getting a mortgage? How reluctant are companies to give loans to people who work on a contract?
I’m not working for a temp agency, I’m working on a contract at a University. I’m full time and salary, but after 1 year they do not have to keep me on full time if they choose.
ERNESTPersonal Finance Credit Score, Full Time, Getting A Mortgage, Good Job, Home Mortgage, Loans, Mortgage Companies, Odds, People, Salary, Temp Agency2 responses to “How hard is it to get a home mortgage while on contract?”
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are you saying from a temp agency? if so no chance at all. If you are there as a 1099 then yes
I am a mortgage banker in TN & KY -
JamieL November 13th, 2009 at 07:05
Lenders are getting a lot more picky about their qualifications due to the credit crisis. If you have 2 years of work history w/ tax records, etc, they may just ask you for W-2 forms and pay stubs. But, they may also ask for a copy of the contract, which could make things difficult. You may want to go through a mortgage broker who has experience with more difficult loans.
If you’re unable to take out a traditional loan, there are other ways you can buy a property called “creative financing.” You may be able to find seller financing (the seller funds the loan) that works in your situation. See the site below for info on how that works.
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golferwhoworks November 10th, 2009 at 00:07