Qualifying for mortgage with 6 month job contract?

Murpheeee

Diamond Member
Apr 30, 2000
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I have applied for a couple of mortgages, both times I was in a full time permanent job.

I may be about to be offered a new 6 month position, but I'd need to move.


will banks accept 6 month job contract for a 30 year mortgage?
 

SearchMaster

Diamond Member
Jun 6, 2002
7,791
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Some will, but it's more of a case-by-case thing IME. You'll likely need to meet with them, and bring a few years of W2s to verify past income. A friend of mine even had to pay a little higher rate even though he had been making good money as a contractor for 3+ years.
 

StageLeft

No Lifer
Sep 29, 2000
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A lot of people make their entire livings with just contract work, so yes given the right credit and money amount I'm sure it can be done.
 

dman

Diamond Member
Nov 2, 1999
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I'd been on 1yr ( renewed )contracts for a job over the past 5yrs. Preapproval was, of course, not a problem. Getting financing through a bank (direct) for a mortgage was, however, an issue. Instead of the 10% down they wanted me to do 20% and limited the amount they'd finance me for.

That was back when I bought my first home, so, it may be easier now in the low interest, finance-anybody days of lending. I'd just be up-front with whomever is going to do you the lending so it's not a surprise later.