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Getting a mortgage as a new government contractor

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midwestgirl44
Contributor

Getting a mortgage as a new government contractor

I just recently was hired by a government contracting firm as a permanent employee. However, my earnings are dependent on working on an active contract for the government. If the contract I am currently working on was ended by the government I wouldn't earn wages until I was on another contract. The company I am with works to place employees into new contracts asap. Is this type of employment looked upon by lenders as self employment or does the fact that I'm a full-time employer for the contracting company negate that idea?

 

We're trying to steady our finances and would like to buy a house by next summer.

 

Any information or perspective would be appreciated.

 

Thank You.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Getting a mortgage as a new government contractor

I am assuming that you do nto get piad between contracts.  ALso is the income 1099'd at the end of the year.

 

There may be some exceptions, but they are likely to want to see 2 full years of reported taxes on this income to qualify it and they will do so on an average amount of income over the two years.  If you just started, it may be a rough road to get anything by next summer.

Message 2 of 4
midwestgirl44
Contributor

Re: Getting a mortgage as a new government contractor

I will receive a w-2 at the end of the year and I do not get paid in between contracts though can file for unemployment.
Message 3 of 4
Anonymous
Not applicable

Re: Getting a mortgage as a new government contractor

Yeah, underwriters not likely to allow that until you can show 2 years of employment so they can average the income and get a baseline income.

Message 4 of 4
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