How Hard is it to get a Mortgage Loan
I ‘ m that hopes to buy a in the future next home. I have a very good work, but I am at the moment in contract. I have here been by near a year and still have another year being oriented my contract, in whose hour hopefully they will do perminant to me. I have $25,000 to put in the ground towards a home and to have a good account of credit. Which are my probabilities of securing a mortgage? How reluctant they are the companies to give loans to the people who work in a contract?
I ‘ m that does not work for a company of temporary work, I ‘ m that works in a contract in a university. I ‘ ms full-time and pay, but after 1 year do not have to maintain to me ignited full-time if they choose.
I ‘ m that does not work for a company of temporary work, I ‘ m that works in a contract in a university. I ‘ ms full-time and pay, but after 1 year do not have to maintain to me ignited full-time if they choose.
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By golferwhoworks, February 19, 2009 @ 8:21 pm
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
By JamieL, February 20, 2009 @ 7:52 pm
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.