Mortgage Loans for W2 Contractors...

[SuburbanGuy80]

I currently work for a major bank here in NC as Financial Analyst and im under the contract role. I get paid a salary and im W2. Im in the process of buying a home and would like to get pre-qualified asap. Do you any of you board members know of any lenders who are able to get me PQ'd? I would like to know what my options are nationally and/or locally. Thanks in advance.

[ezdriver]

You have not provided enough information to get meaningful responses.

How long have you been in your current job?

What was your previous job? Was it similar to current job?

Track record or employment in similar fields and consistent income over the past couple of years along with a strong credit profile are all necessary components of a qualified home buyer. Share some more information and you will get some meaningful feedback from the good folks on this forum.

[SuburbanGuy80]

I've been in my current role for 6 months now. Prior to this role, I was a "normal" employee for a company for 6 years. And yes, they were both the same roles.

As of right now, my credit is fare, obviously it's improving month over month. Looking to put 3.5-5% down on the home, could actually do more if necessary.

[ShanetheMortgageMan]

It'll come down to how they verify your employment (which is one of the steps that should be taken during the pre-approval process).  If they state you are a contract employee then the underwriter will want to know how long your employment contract is for, and since you have only done that type of employment for 6 months the underwriter could be looking for a 3 year continuance.  If you had a 2 year history of being a contract employee then it'd be reasonable to assume that even if your current contract ends in less than 3 years you'd be able to quickly secure a new employment contract by the time it ends.  Further, if you had been at your employer for at least 2 years and only your base salary was used to qualify, then the verification of employment isn't necessarily needed.  This is different than if you were employed by a company (i.e. Wipro) and then contracted by them to work at another company (i.e. BAE), that type of employment is considered a normal employee.

[SuburbanGuy80]

Yea, after speaking with NUMEROUS lenders the past couple of days, i was solidified an approval letter from a major lender who went far and beyond to work with my situation. Everything is a go now, finally. Thanks Shane.