How hard is it to get a home mortgage while on contract?
I’m hoping to buy a home in the near future. I have a very excellent 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 ,000 to place down towards a home and have a excellent 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.
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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 question you for W-2 forms and pay stubs. But, they may also question for a copy of the contract, which could make things hard. You may want to go through a mortgage broker who has experience with more hard 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.
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