Zillow Advice: Approval Process - I am employed on a yearly contract. What does this mean for a mortgage application? http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ Zillow Advice | Zillow Real Estate Hello, We would need clarification. ... http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ Hello, <br/><br/>We would need clarification. In on sentance you are saying that you are only on a year contract and in another you are saying you are there for four years. Most teachers are on year contracts, they are able to qualify as long as we see the contract. What do you do? <br/><br/>On another note, you may be able to qualify under just your husband if there is a problem proving your continuation of income. He has a two year work history and we can go off of his current salary. At $50k a year that is $4166/mo in gross income. At a max debt to income ratio of probably around 45%, after you take out $800/mo in other obligations, that leaves a principal, interest, tax, and insurance (PITI) payment of $1075 that he would qualify for on his own. At $150k purchase price and 20% down, your mortgage payment probably wouldn't even be $1,000/mo. <br/><br/>Hope this helps, best of luck.<br/><br/>Joshua Lerette - Sales Manager<br/>Carrington Mortgage Services, Inc<br/>Government Loans Down to 580 Credit Scores - FHA, VA, and USDA Tue, 10 Sep 2013 19:40:00 GMT http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ 2013-09-10T19:40:00Z I was about to say that since ... http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ I was about to say that since you've been there four years and if the employer is willing to explain their hiring practices etc then it is possible. HOWEVER, you said at the end of the year, you're willing and able to look for work when the contract is up. That's where you lost me. If you don't have "gainful employment that's probable and likely to continue" then you very well may have a problem. If the employment is able to continue and you do have plans to continue working there, that's a different story. If you have add'l questions, I'd be happy to help. Best wishes, Kim Lawson, Ohio Licensed Mortgage Loan Originator. Contact and licensing can be found on my profile. Tue, 10 Sep 2013 19:38:00 GMT http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ 2013-09-10T19:38:00Z Would your husband qualify ... http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ Would your husband qualify on his own for a mortgage, not to say that you will not be able to use your contract employment, but would he qualify on his own?<br/><br/>Him going to school would count as employment history.&nbsp; Tue, 10 Sep 2013 19:32:00 GMT http://www.zillow.com/advice-thread/I-am-employed-on-a-yearly-contract-What-does-this-mean-for-a-mortgage-application/510768/ 2013-09-10T19:32:00Z