James, Marty -- your advice matches up to the advice given to me by Wells Fargo. The Wells broker mentioned two things that would help with my self-employment income situation: 1- a letter from my employer verifying that I work a minimum number of hours and 2- showing that I work in a role related to my education, just as you mentioned, Marty.
I think I can do both of these things without a problem.
Joe is also correct to mention that I cannot afford to pay cash for a property, therefore I literally cannot afford to buy a house. Thankfully, the real estate financial market has been structured to allow non-full-cash buyers to lease-to-own a house. That restructuring changed the market quite positively; but the negative consequences that resulted from our recent real estate bubble are mostly all we are thinking of these days.
I am new to the real estate market; this would be my first home purchase. I'm lucky, in a way, to not have been a part of the burst and downfall, but also unlucky to face such a tough situation obtaining a loan after all this trauma. Again, I bring up the point that I cannot buy in full, but I can afford to pay a mortgage payment.
A detail which I did not include previously is that mortgage payments for the house I want to buy would be similar to what I pay in rent currently. I have a perfect rental payment history at monthly rents even higher than what I now pay. I do have income, savings, a job and an education. I do not want to speculate on future income or get into anything that I could not afford. I am very prudent... but how can I show this? I had no idea that being employed as a contractor would so impact my chances of getting a mortgage.
I'm looking for help as someone inexperienced as a homebuyer, it's true. But it doesn't mean I shouldn't be buying a home. I need to know what to bring to the table and who to ask to sit down with me at that table.
I am a mortgage broker. If I can be of service, please let me know!
I am on line now!