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Replies (11)
- shapiroamg
- Contributions:3058
If you are a W2 employee and have been in the same line of work, it should not be an issue. I am concerned that you say "year long contract". Do you work for the companies where you were located or do you work for an employment agency?
- xdesix
- Contributions:5
Yes. I do contract with company on W2 ( just full time job but only a year contract), not with employment agency.
- Howard Vernick, "HowardVernick"
- Contributions:47
Your situation sounds like a slam dunk. We would just need to make sure you've been in the same line of work.
- xdesix
- Contributions:5
Yes. I am in same field and before that I was studying for same field. I was just worried about number of jobs v/s history length.
Great to hear and thanks for your input.
Great to hear and thanks for your input.
- Geofrey Merino, "GMerino"
- Contributions:445
Once you put it all together I am sure it will make sense. When you apply for a mortgage, make sure you send in all information needed to complete a loan submission. That way the story fits with your history of employment. What kind of work do you do? Do you have any gaps of employment? No deal is easy these days and from my conversation that I had with my processor Banks are only doing "easy deals," make sure you work with someone solid and knows their lending guidelines.
- xdesix
- Contributions:5
I am an IT professional and I have no gaps of employment since I started.
- Geofrey Merino, "GMerino"
- Contributions:445
So, each company that you apply with is only contract work?
- xdesix
- Contributions:5
yes. depends but most times..
- Lance Holtman, "First City Financial"
- Contributions:111
I don't see the "slam dunk" ??
It must be a reasonable assumption that the employment will last for at least 3 years. With a 12 month contract, that assumption is gone.
If your employer is willing to cancel the contract and hire you "At Will" or extend your contract for 36 + months, you would be ok.
Don't get caught in the trap of submitting the W-2's and forgetting to mention the contract; that would be fraud.
It must be a reasonable assumption that the employment will last for at least 3 years. With a 12 month contract, that assumption is gone.
If your employer is willing to cancel the contract and hire you "At Will" or extend your contract for 36 + months, you would be ok.
Don't get caught in the trap of submitting the W-2's and forgetting to mention the contract; that would be fraud.
- kef harvey, "mrharveycrl"
- Contributions:9
Great. 2 years is all you need. Where is the problem here? The 3 different jobs present no problem as long as you were doing the same type of work.
- Russell Smith, "RussellMortgage"
- Contributions:110
I would submit a full file to a knowledgeable mortgage lender with tax returns for the last 2 years as well. A lender will be able to give you a better more accurate answer with the whole picture. The file could be treated almost like you are self employed or a journeyman type of employment. But it would be better to see the whole picture to determine which route to go. I think you will be fine on an approval but having the whole file in front of an experienced lender will get a clearer answer for you.
Qualifying for mortagage - First Time Home buyer
We have a good credit ( wife-770 and my-735 ) and enough money to pay 20% down payment. But I have just 2 years of job history with 2 different job and before I will apply for mortgage, I will have 3rd job with a year contract or full time ( as my current job contract will end in few months). My wife has 4 years of history with 3 at a same job. All jobs are in same field. Our income is 110K but last year due to vacation time (2 months), we made only 87K. I don't have any debt. Will I be able to get best rate for 400K home ( with 320K as mortgage). Does sort job history with 3 different jobs create any issue ?
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