i'm looking for a 100% mortgage, but i'm a contractor on a temporary contract. does anyone know of any mortgage companies that will accept me?
2007-01-18 06:05:21 · 6 answers · asked by vikki_ricketts 2 in Business & Finance ➔ Renting & Real Estate
It all depends. Three things that make a mortgage work are collateral, capacity to pay and credit.The home should stand for itself in a purchase as collateral. Credit is your score. Capacity now this is where you can get sticky. If you will have 3 or more years remaining on this contract then yes probably. If not then how are you paid. If you are paid as a 1099 contract labor and have been for the last 2 years in the same line of work then yes probably. If not then probably not. There is also a thing called your debt to income ratio. All outstanding debts including your new mortgage with escrows impounded or not / total income {1099}- expenses if you have any. So your question is a complicated one and needs a professional to make the call.
I am a mortgage banker in TN and KY if you live there then I can help answer these with you!
Good Luck
2007-01-18 06:16:31 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
This depends on your overall loan profile, ie, your credit, collateral, ect, but the issue of being a contractor is workable. If you have had steady work as a contractor for at least two years, in the same line of work, you will probably be okay. I was approved by Long Beach Mortgage, which is a subsidiary of Washington Mutual, as a temp employee even though I hadn't been contracting for even 6 months, because it was in my same line of work with no significant gaps in work history. Most of the programs that will work for you are going to be accessible to you via mortgage broker only. This type of loan is Alt-A or subprime and those lenders generally wholesale their loans to brokers and do not have a retail side by which a borrower could contact them directly. You'll get your real answer when you fill out the loan app, have your credit pulled and give your loan officer a chance to work the numbers. I would suggest, however, that you do not use a mortgage broker that charges anything aside from a deposit for the appraisal (a standard request) until the loan closes. BTW, 100% down means no down payment, bear in mind that you will still have to come up with a way to pay closing costs and prepaids unless you can get the seller to pay for them for you or if it's a refi and you pay the fees out of the equity.
2007-01-18 14:44:50 · answer #2 · answered by tiny_dog10 2 · 0⤊ 0⤋
It sounds like you may be a good candidate for what is called a "NOVA" (no documented employment with verified assets) loan. Its great for borrowers who are: newly employed or in a new line of work, retired, work for cash, or recently moved and seeking employment. And you can get 100% financing.
I suggest when calling mortgage brokers you inquire if they have this loan program or one similar.
2007-01-18 16:31:35 · answer #3 · answered by corel 3 · 0⤊ 0⤋
Many banks in the US will do a loan like this, they will probably ask for bank statements or a CPA letter. Let me know in what State you live: yldspread@yahoo.com
2007-01-18 14:26:19 · answer #4 · answered by Kubricksmind 2 · 0⤊ 0⤋
Not unless you have a great track record of generating income. Besides, you probably don't want to do that to yourself, either.
2007-01-18 14:10:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You could try www.surefirefinance.co.uk they may be able to help and you can apply online.
2007-01-18 14:14:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋