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Updated about 4 years ago on . Most recent reply

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101
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66
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Aaron Phillips
  • Rental Property Investor
  • Burlington, KY
66
Votes |
101
Posts

How to (?) purchase property as a contract worker?

Aaron Phillips
  • Rental Property Investor
  • Burlington, KY
Posted

This question is for a friend who is attempting to buy her first piece of property & get started on her Real Estate path. She is currently working as a travel nurse with a staffing agency. It's a W-2 job and she's been on the same contract for a year now, but a problem she faces with most banks is income verification. She is only taxed around $13 hr/ but she also gets an hourly rate untaxed + a weekly stipend for being a traveler. 

What steps can she take to get a YES from Mr.Bank to purchase her first piece of property? Credit is in the mid 700s & a 10% down payment wouldn't be an issue. 

Most Popular Reply

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6,241
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3,801
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Aaron K.
  • Specialist
  • Riverside, CA
3,801
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6,241
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Aaron K.
  • Specialist
  • Riverside, CA
Replied

The trick is getting someone to manually underwrite and actually understand the situation, your friend needs to get really good at explaining how she is compensated in a short amount of time, and she needs to know the value of all these stipends if they are not well defined and just reimbursements for certain things.

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