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Regarding Contractor getting approved for Mortgage (1st time buyer) through FHA.

I'm an IT professional and have been employed with a major staffing agency, and my contract is 1 year to full time, but it can keep on rolling year to year. Currently i just finished my 1st year and its rolling into second. Prior to this, i was in a different field making less money. My wife is a full time employee at some other company. Both of our income is around 92,000/ yr and our min. credit card debt including loans are 1300 per month. We are looking at a home which costs about 271,000. What are the chances of the loan being approved. just concerned about govt underwriters. And we're trying to construct this home with a builder in that xyz homes with their plans and upgrades. Thanks in advance.
  • August 13 2012 - Garland
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Answers (2)

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The builder has its own lending company. I plan on having a FHA loan, but not sure if i'd be approved for a spec HOME or something that i'd have them construct according to our upgrade options. As far as employment History goes:
Graduated 2008 Dec
April 2009 - August 2011 Tech Support Tier II
August 2011 - Current   Software Engineer

in both the cases i've been a contractor.

Thanks in advance.
  • August 14 2012
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There is a big difference between getting a home loan, and a loan for construction of a home. Is the builder financing the construction, and you are looking for the permanent financing? Please contact me if you would like to discuss exactly what you are looking for. As long as you have been in the same field of work and have a proven history of continued employment you should be fine.
  • August 13 2012
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