Financing in Seattle>Question Details

cjholm, Home Buyer in Seattle, WA

W2 contract work and home loan

Asked by cjholm, Seattle, WA Tue Jun 10, 2014

My wife and I have been approved for a home loan and have been searching for houses. I have rescently been offered a one year contract position with a great company which would net me $35k more per year. Before I had taken a second interview, I asked my loan officer if this would make a difference. He stated NO, as long as it is in the same industry, it wont matter. Before I accepted the job I thought I should double check with him. Good thing I did, he replies that the underwriters state that my income no long counts since there is no guarantee of salary.

I'm wondering why this is? I have been in the same industry for 8 years, went to school for 4 years for that subject previous to that. Have shown a steady rise in income over that span, and the new position is in the same field. How is it that I can provide a steady income and work history from the same industry, and all of a sudden that doesnt count? How do contract workers get loans at all then?

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I have a program that allows you switch from W2 to 1099 and vice versa. I would need to get a copy of your contract and a pay stub to have the underwriter review before we start the application process.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803

http://www.bartprequalifies.com

bart@bartprequalifies.com
0 votes Thank Flag Link Tue Jun 10, 2014
They like people at the same job for a set amount of years. So that can mess it up even if you are moving around within the same industry. I know some lenders that are able to work with your situation. It may be a disqualifier for some but not all. If that's the job you want and you're ready to buy, then surely it's doable. Just do some searching. Good luck!
0 votes Thank Flag Link Tue Jun 10, 2014
It varies by lender. If your loan officer is with a bank I would suggest dealing with a loan broker instead--one that deals with multiple lenders.

Years ago I had this pop up on a listing, where a tiny portion of the buyer's income was W2. The loan originator apparently wasn't very good and didn't catch that until somewhat close to closing. Fortunately he was able to find a new lender quickly, which was good because my client was desperate to sell.
0 votes Thank Flag Link Tue Jun 10, 2014
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