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Question - I've been in my new job for about a year with a regular (i.e. non commissions) income every month. However, the first seven months I worked as an inpendent contractor with the same pay, same title, and was then made permanent. Will a lender that consider as a year or deduct the first months? Also, do I need to have been there for two years for the income to count? I have a contract with (incredibly) one year notice period on my salary, which guarantees some stability - will that be considered by a lender? Thanks!
If you have not been a full time, "permanent" employee for two or more years, there is no standard way that all underwriters will rule. An underwriter will evaluate and issue an exception...or not.
@Anonymous wrote:Question - I've been in my new job for about a year with a regular (i.e. non commissions) income every month. However, the first seven months I worked as an inpendent contractor with the same pay, same title, and was then made permanent. Will a lender that consider as a year or deduct the first months? Also, do I need to have been there for two years for the income to count? I have a contract with (incredibly) one year notice period on my salary, which guarantees some stability - will that be considered by a lender? Thanks!
Is this a new field or did you recently graduate college and have a job in your field of study?
It's a new job - I've been in it for a year now, but before that worked in sales...
Thanks that's helpful!