Contractor or full-time employment is preferable to apply for a mortgage?

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I’m looking for a job. Employment opportunities in our region are heading contractor that lasts only 6 months to 1 year, so I wonder, I am applying for a mortgage loan officer jobs is to distinguish short- term or long term? If yes, how they get on our ability to repay the loan and interest rates? I had one year off, and looking back now, but I have 8 years history as a software engineer working full time in various companies. I wonder if this seems a bit helfen.Es, I really should focus on a full time position yet. My husband has a full time job with good work history. I also if I do not think that in a year. (We both have excellent credit ratings to help us, if anything.

  1. Reply
    Ed Atun
    May 3, 2011 at 7:33 am

    . You are missing the vital point. The bank wants to see your history. What have you been doing for the last 2 years? 4 years? That is the key to getting a loan.
    Any contractor job puts you in the risky category for mortgage loans. Lenders love policemen and firemen. Everyone knows exactly how much they will be making next year and in 10 years. No one knows what will happen if you take a 6 month job and then don’t get renewed.
    Don’t worry about it. You will get a loan.

  2. Reply
    May 3, 2011 at 8:12 am

    the application must have at least 2 year employment listed and there should be no serious job gaps. So being off 6 months of the year is a serious gap in employment and that will have an effect on any underwriter decision to grant you a mortgage.
    I am a mortgage banker in TN & KY

  3. Reply
    Dale H
    May 3, 2011 at 9:00 am

    If I understand correctly, you have been out of work for a year and are now looking to employment in a temp contract position.

    If that is the case, you will be unlikely to get a loan as you lack the predictability that today’s programs require with regard to the level and stability of earnings.

    If you are seeking a mortgage, you need to look for full time regular employment in some capacity. After about 6 months on the job, you may be able to get the full use of the income for mortgage lending purposes. Being in a field you have worked in before with the same or nearly the same level of earnings will help you to overcome the year off that you had.

    Sorry for the news, but honesty has to be worth something, right?

    Good luck.

  4. Reply
    May 3, 2011 at 9:47 am

    the banks right now looking for your past 2 years working history and any gap in your work for more then 30 days need to be explained. The only explanation they will accept is if you took time off to raise your small children, sickness or stuff like that.

  5. Reply
    May 3, 2011 at 9:58 am

    I would still go for a loan, as your dh has the work history needed.

    Generally you need to be self employed (contractor) for 2 years, but you should have one tax return showing your yearly income, you may still be OK.

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