Mortgage Denial

[Anonymous]

I used to do "contract work" for the gubmint and it was considered, more or less, a "temporary" position. Meaning, you worked for as long as the contract or assignment was in effect. If the contract ended, say, 1/31/09, unless your contract was renewed, that was it. It was either time to submit a new proposal for another project/contract, find work with another firm or wait to see if by some miracle, your contract was reinstated.

Could that be what the UW is seeing? That since your DH is on a "contract basis" it's not a permanent job, per se?

[Anonymous]

I am not an expert on mortgage lending, but I tend to agree with Wonderin. Don't be offended, but I see a couple of potential issues your underwriter has: less than 2 years on the job and the nature of the contract. These days, nobody is safe and being a contract worker looks like more vulnerable than normal jobs.

The 2-yr thing, he may explain that he spent several months before A+ certification. So, the time he spent, if any, should be considered as a job experience just like college education is considered a part of job experience. The job situation will be much more difficult, and I agree with others in that you try to get any doc/proof saying the job is a permanent basis. Unless you address these issues, it would be hard to get a loan in this market.

[DallasLoanGuy]

The bad news is that it will be all but impossibole for another lender to overrule.

Denials are recorded with HUD 

[Anonymous]

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@DallasLoanGuy wrote:

The bad news is that it will be all but impossibole for another lender to overrule.

Denials are recorded with HUD 

DallasLoanGuy, Does that also apply to VA Loans, or just FHA?

[Anonymous]

We received the offcial denial letter and the box that was checked was under Employment and said temporary or irregular. My new question to Dallas is if he tries to get a "regular" non contract type job (in the same line of work) how long before we can apply for mortgage if we happen to find another home?

Thank you to everyone for their replies.