I wouldn't see why you couldn't purchase a condo. The fact you work as a contract attorney shouldn't matter. What would matter is how long you have worked in that field and has your employment been steady. How long do you have on your contract and if your contract was to expire is there a chance of extension or would you be able to gain employment somewhere else or even do you plan on becoming self employed. The truth is everyone works on a contract basis and there is never a guarantee someone will go to work tomorrow and have a job. People start out purchasing homes all the time to be laid off either prior or just after closing. My husband worked 23 years for the same employer and was a full time employee and went to work one day and was laid off. He fortunately found employment immediately, even prior to actually being let go and we had the approval to purchase a home near his new job, even before he started work, with just a letter that could have been revoked at any time. Our credit score wasn't even as high as yours. You would most likely have to go full documentation like if you were self employed but you would be able to find a loan. Realtors in fact could consider themselves "contract" employees since they won't get paid until they sell the home on contract. Go online to one of those sites that send your information to several companies and they will find someone. You don't want to go to one company and get turned down because it will take a long time to shop the loan yourself. That's why they have specific companies that handle this. You can also work with a broker but I have found the places online work great. Prior to requesting the loan make sure to have maybe the last years bank statements along with the last 3 year taxes. Usually they only ask for 3 months bank statements but full doc loans want more. Any checks you received as payment make copies to keep for your records if you haven't already. Keep all your bills and any other financial documents you think may be necessary together because they may ask for it. Bottom line is that if you can afford the payment each month and you pay your bills and file your taxes then banks will lend you the money. Also get statements from the person or company who you rent your current home or apartment/condo from since you have to live somewhere. They will use your rental history as proof of your housing credit and paying on time to get the loan. Some companies, if you agree in advance will report your monthly rental payments to the 3 credit bureaus when you pay on time. If the place where you live does that then have them, because it shows the bank you are able to make your rental payment without problems, so the odds are you will make the mortgage payment too. Good luck.... more
My mother in law is in the middle of a bankruptcy right now. She was trying to file for bankruptcy all by herself, but it is actually pretty difficult we came to find out. A bankruptcy attorney has really been beneficial for her.
Mark Leach | http://www.attorneyjoseph.com/Areas_of_Practice_Divorce_Attorney_Erie_PA.html... more
I researched this last year and what I was told is that although the program still shows up on the Internet, it is not acitve. Perhaps that is because no lenders are offering it. Any takers out there, lenders??? : )... more
Clint, Believe it or not, I am going to side with an agent on this question. Robert is 100% right. No one can answer your question with going over all of the details of your current loan (type, length you have had it), your goals (how long you plan to stay in the house, debt and equity goals) and running all the numbers. The answers are in black and white...you just need to find a mortgage professional who will provide the numbers to you so you can make a educated decision. I suggest you check out www.mortgagecoach.com and find a local mortgage professional in your area. Mortgage Coach has the best tools for educating consumers I have ever used. Best to you!... more
The cheapest way to set up a landlord escrow account is simply to set up an additional business checking account with your bank, which should be free. As far as I know, you can keep all of your tenants' security deposits in the same account and it's not considered comingling as long as the account is only for tenant security deposits, but I'm not a lawyer and you should really check on the landlord - tenant laws in DC.... more