Is there any possibility of receiving mortgage in my situation?

Asked by circle110, Chicago, IL Sun Jan 20, 2013

I'm returning to the Chicago are after a four year sabbatical living abroad and wish to be a house in the $150K range. Here is my situation:
I have (just) $150K in available funds but I don't want to tie it all by paying cash for a house.
I will be working a new $60K per year job, but as a contract employee and not a W2 employee.
I have a credit rating of 810.
I would be willing to make down payment of up to 50%.
So, do assets, a big down payment and an excellent credit score mitigate the fact that my job will not be as a W2 employee enough that I could secure a loan?


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David Hanna’s answer
David Hanna, Agent, Chicago, IL
Sun Jan 20, 2013
Yes, if:

you are a US citizen
you can verify the source of income
your payments are in line with acceptable debt to income ratios
you have your funds in a US bank, or will put them there.

If you are looking for assistance with the purchase, I am glad to help.
I have two lender references for you, both can get this done.

Dave 773-732-9123 or
1 vote
Bill J Delig…, Agent, Naperville, IL
Mon Jan 21, 2013
You should be able to get a loan. Just be prepared to provide all documentation proving, income, assetts, etc. Feel free to contact me should you have any Questions/Assistance.
Web Reference:
0 votes
JIM Michaels, Agent, Chicago, IL
Mon Jan 21, 2013
I believe its best to hear it direct from the lending source

Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404.
0 votes
Albert Cossy…, Agent, Chicago, IL
Sun Jan 20, 2013
All that does not matter if you have NO work history AND probability of continuing employment. BASIC UNDERWRITING GUIDELINES! You are too high risk to get a conventional mortgage. Look for a hard money investor.
0 votes
circle110, Home Buyer, Chicago, IL
Sun Jan 20, 2013
Thank you all. I will be in contact. Just 2 things that I failed to mention in my original post:

1. I have no debt at all (besides the potential new mortgage amount). I liquidated all debt before leaving on my sabbatical. My car is paid for and I don't owe anything, anywhere.

2. Yes, I am a U.S. citizen. All my funds are with Charles Schwab and all information is verifiable in whatever way that may be required.
0 votes
Albert Cossy…, Agent, Chicago, IL
Sun Jan 20, 2013
Well here is your answer.....

Conforming and/or FHA loans REQUIRE 2 years or work history and probability of continual employment. (of which you do not have). Therefore you will not qualify for a conventional/FHA loan.

Look for a hard money lender.
0 votes
Le Ann Dunne, Agent, Iowa City, IA
Sun Jan 20, 2013
I would believe you should be able to get a mortgage based in your credit score and large down payment. It really depends on your debt to income ratio. I would recommend contacting a local lender with your scenario to get a pre-approval letter. I would also contact a local REALTOR or two to interview. Find someone you are comfortable working with and start looking for a new home. Best wishes!
0 votes
, ,
Sun Jan 20, 2013
There are a few options that will involve non traditional loan products but they may be a good solution until you have a year of contract employment listed on your most recently filed tax returns.
Please feel free to call me to discuss
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Philip Sencer, Agent, Chicago, IL
Sun Jan 20, 2013
You should not have any problem getting a loan. My web site has some lender references. call a few lenders to see what they offer. You do not ned to pay any monay or commit to anyone in the beginning. Let me know if you might like to see what you can get for the price point you qualify for. I can set up a search based on the criteria you want and see what choices you might have.
0 votes
Manuel Brown, Agent, Chicago, IL
Sun Jan 20, 2013

I am going to let my team at Guaranteed Rate answer all your financial questions. Mary Kay Laurent 773-516-6859. It is free to you and Mary Key is to put it simply amazing! She will be able to tell you with 100% certainty what you will need to do. The last buyer I had been not pre-qualified but be approved 36 hours from the time we started because the buyer was organized.

Welcome Back!
0 votes
Ivan Sagel, Agent, Chicago, IL
Sun Jan 20, 2013
I work with some great lenders I can refer you to talk to. Do oyu have a contract for a specific period of time? I've had clients get mortgage approval before they even started the job, just based on credit score and offer letter. Call or email me to get started.

All the best,

Ivan Sagel
0 votes
Edward Graba…, Agent, Chicago, IL
Sun Jan 20, 2013
Good morning,

Yes, after speaking with a couple of lenders that I've used for some time, given your income and credit score, as long as you are a U. S. citizen and can verify your employment and income you shouldn't have any issues.

Please let me know if i can assist with your search and what areas of Chicago you have interest in.

Thank you and good luck,

0 votes
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