This type of income siuation should not be a problem for conventional financing if you have established at least a 2 year history of earnings as a contract worker.
The best first step would be to go through a thorough pre-qualification to purchase reviewing credit, income and assets to be able to recieve an automated underwriting approval. We would also be able to pre-underwrite your file so that you have a conditional mortgage commitment to shop for a home.
Please contact me if you would like more help this.
I agree with Andrew in that your first step should be to speak with a lender to determine pre-qualification status. If you have at least 2 yeas of employment history and current income, I'm not really sure why the contract renewal 3 times a year comes into play unless you are using a contract as proof of income that states this. The other option you have is to do what is called a verification of employment. This would verify that your employment is likely to continue in the future. If you need further assistance. Please feel free to contact me.
I understand your predicament, banks have changed their qualification requirements & its difficult to get financing. The first step to getting a home for your will involve requesting your realtor to show you homes where the seller is willing to do financing. Nowadays many sellers who are short on cash may be willing to consider this as an option, since the option of doing a short-sale leaves them with zero cash or deficiency judgement. If you have solid credit score & can demonstrate a long-term consistency in rental payments you will be a more desirable candidate. Please know that I have put together several seller financing agreements & would be happy to provide you with more information. Please feel free to call me directly 312-671-9207 or email me at firstname.lastname@example.org with any questions.
Real Estate Consultant
Seller financing is certainly an option, but you need to find the right seller who is willing to do this. Rent to own is usually a temporary measure for a year or 2 until you can qualify for financing. In the MLS sometimes a listing agent will say "seller will finance" or "rent to own". That's probably your only way of screening them.