CAN YOU GET A MORTGAGE WITH A CONTRACT JOB?

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Icon Mini Profile marlenebowen





Joined: 23 Oct 2010

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Post Posted: Sat Oct 23, 2010 8:48 am    Post subject: CAN YOU GET A MORTGAGE WITH A CONTRACT JOB?
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MY SON-IN-LAW WORKS CONTRACT WORK SINCE THE AUTO INDUSTRY'S PROBLEMS. THEY HAVE NEVER OWNED A HOME BUT PAY HIGH RENT. WITH HOME PRICES AND THE INTEREST RATE THEY COULD GET A HOUSE AND NOT BE PAYING ANY MORE OR POSSIBLE LESS. HE MAY WORK FOR SEVERAL WEEKS OR MONTHS AND THEN HAVE SOME DOWN TIME WAITING FOR ANOTHER ASSIGNMENT. THEY HAVE NEVER HAD ANY TROUBLE PAYING THEIR BILLS. IF THEY DID MY HUSBAND AND I ARE WILLING TO HELP. IS IT POSSIBLE TO GET A MORTGAGE IN THIS SITUATION?
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Post Posted: Sat Oct 23, 2010 9:22 am    Post subject:
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Hi marlenebowen,

Welcome to mortgage fit,

I won't categorize this type of work as contract job rather I will categorize it as self employment.Most of the banks do offer loans to self employed professionals as well if they present their year-on year tax return filling.On the basis of these documents a self employed professional can go ahead with the loan.I do agree that banks prefer salaried professionals but now a days they have also started giving more attention to those 'who provide salaries aka self employed'.

Feel free to ask any further query if you have....

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Icon Mini Profile dipaligopale





Joined: 25 May 2010

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Post Posted: Sat Oct 23, 2010 9:25 am    Post subject:
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Hi marlenebowen,

Welcome to mortgage fit,

I won't categorize this type of work as contract job rather I will categorize it as self employment.Most of the banks do offer loans to self employed professionals as well if they present their year-on year tax return filling.On the basis of these documents a self employed professional can go ahead with the loan.I do agree that banks prefer salaried professionals but now a days they have also started giving more attention to those 'who provide salaries aka self employed'.

Feel free to ask any further query if you have....

DIPA

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Post Posted: Sun Oct 24, 2010 2:59 am    Post subject:
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Legally some problem may occur due to robust process but if you can say he has his own business then that might help.......
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