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Updated about 1 year ago on . Most recent reply
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Contract based job affecting bank lending
I have been applying for mortgages and lending recently and have encountered a hiccup.
My job traveling doing specialty commercial construction is contract-based - meaning sometimes I work for a few hard months and then have a month or so off between projects. Similar to traveling nurses who I have heard have similar issues with loans.
I have a good chunk of liquid capital saved with almost an 800 credit score with no debts but banks won't lend to me because my work isn't predicable/traditional. Any advice? I was looking to do a 3.5% down FHA loan but am now considering a traditional 20% with a property I recently found.
Any suggestions appreciated!