If you normally contract, and have a two year history as a contractor rather than W-2, then you are in like Flynn. If this is your first contract and you have been W-2 up until now, then you need to explain that contract is a normal option in your line of work. If you have no over one month employment gaps, then you should be okay if the forgoing is played right. If you have more questions, hyou can contact me at 408-639-0211.
We could use your part time position and demonstrate that you chose to take a part time postion so that you could take advantage of the contract position. The income cannot be used to qualify.
Let me know if you have any questions. cg
Unfortunately you won't qualify for a mortgage due to your current employment situation. As a contractor, you must have at least two years in the business (as a contractor, cannot combine with the time you worked as wage earner). In order to use the part time income, you must work at that job for at least one year. However, if you switch back to wage earner now, you can still qualify for your mortgage eventhough you have a gap in between as contractor.
If you are debating between the two scenarios and buying a house is important talk to my mortgage guy right away. This way you can make an informed decision for your ultimate goal.
Have an amazing day.
It sounds like you are currently not working. Not knowing all the personal circumstances about your application (down payment, reserves) or whether the part time position is in the same line of work, I would not be able to say for sure you would not have a problem.
The banks want to see a 3 year continuance of income that is not W2. You may have a problem qualifing with a 6 month contract and part time income even though it is more. If you regularly take contract jobs, it may not be a problem. Either way, you should contact your loan officer who pre-approved you to let them know of the changes.
If your loan officer is not able to help you, I would be happy to review your entire application.
The best answer to your question should come from a mortgage professional who can review all of your personal circumstances pertaining to your potential mortgage qualifications.
The purchase of a home is a big deal and requires a long term commitment. I would plan on a minimum of five years holding time in order to see hoped for equity growth. Your instability as evidenced by having left your full time job and your ambivalence about accepting replacement employment might be worrisome to a lender. On the other hand, job change for advancement in the Silicon Valley employment arena is normal. In many areas, the notion of long term employment with the same employer is quaint.
You need an experienced mortgage professional to review your entire situation. You can go back to the one who provided your previous approval, friends can recommend mortgage pros with which they have worked or send me a note and I will provide the contact information for my favorite mortgage professional.