Home Buying in Baltimore>Question Details

Ladieleak, Home Buyer in Baltimore, MD

Is it possible to obtain a mortgage if you are an independent contractor, do you have to be working for a certain amount of years or what's the?

Asked by Ladieleak, Baltimore, MD Tue Apr 23, 2013

proces Im under a company contracted for a public school system but they consider me as an independent contractor would it be hard for me to obtain a mortgage?

Help the community by answering this question:


I am also an independent contractor and I can tell you that the banks do not make the process easy for us, but if you are willing to put in the effort it is possible to obtain a mortgage. To many variables to discuss on here but my best recommendation would be to call a local lender and explain your situation and let them tell you what you can do and what you cant do. If you need a recommendation, I would call Drew GilMartin with First Home Mortgage 410-808-5120 (mobile) he is honest and always willing to answer all your questions. Good Luck.
1 vote Thank Flag Link Tue Apr 23, 2013
I have only recently started contracting so do not have income tax returns yet. I was a perm employee for my last company for 15 years before I became a contractor. Am I still able to purchase a property if I don't have tax details yet as a contractor?
0 votes Thank Flag Link Wed Aug 26, 2015
Hi Ladieleak!

You have gotten some good answers here.

Honestly, you may be able to get a mortgage -- but it won't depend completely on your independent contractor status.

There are so many parts to a mortgage approval. Your best first step is to speak with a mortgage professional, who can help guide you through what you may need & may need to do in order to qualify.

I have a few lenders that I trust to counsel my clients. If you'd like their information, please let me know. They have asked me not to put their #'s up here, because then they get spam/sales calls & emails from others!

Thank you!

Good luck!

Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Tue Apr 23, 2013
You need to be able to document the income with your 1099's and tax return with a schedule C. If you have that its just as good as a W-2.

Bob McGee
Advance Realty Timonium
Direct: 410-560-4574
Main Office: 410-561-0004
0 votes Thank Flag Link Tue Apr 23, 2013
Yes you can as long as you have minimum two years of tax returns. Some bank's will do FHA only but some can even do Conventional financing also, depends what kind of income you show.

All these terms are negotiable.

Asha Goel
0 votes Thank Flag Link Tue Apr 23, 2013
As long as you have a history of working in that field you should be fine with 6 months or more on that job. If you need a great local lender to review your specific situation e-mail me and I'll get you connected with the best around!
0 votes Thank Flag Link Tue Apr 23, 2013
Dear Ladileak,
You ask a good question. Are you 1099 or w2? If 1099, then you tax returns would have to be used to decide your income. Often though if your write offs make your adjusted gross income appear too low, it will impact the amount of house you can purchase. There is an option for those of us who are self employed/contract type work. Susquehana Bank has a program where they can use your 6months of bank statements where your deposits will be calculated to determine your qualifying income. Getting a preapproval is the first step to buying a home. Good luck!
Ariana Loucas
0 votes Thank Flag Link Tue Apr 23, 2013
As Eddie indicates, it is very possible for you to obtain a mortgage. I am a local lender in Baltimore and we specialize in self employed borrowers. We take your application, process, underwrite and fund your loan all under one roof so we can provide fast service that always keeps you in the loop. Call or email me anytime if you would like to start working together. Rates are at historic lows so you couldn't have picked a better time to consider this. Below is my contact information:

Will Steneman
WCS Funding Group, home of the happy mortgage

Believe me, we'll make you happy! Look forward to speaking to you soon!
0 votes Thank Flag Link Tue Apr 23, 2013
Actually it is possible for you to obtain a mortgage. Call me and I can answer your questions. 949-777-2109.

Eddie W. de Leon
Senior Loan Officer
Lenox Financial
NMLS #238369
0 votes Thank Flag Link Tue Apr 23, 2013
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