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Updated about 4 years ago on . Most recent reply

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

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.