Getting a Mortgage as Contract Employee

[Carson Belknap]

Hello,

I was curious about the possibility of obtaining a mortgage as contract worker, if any of you know a way to get a mortgage in my current situation please let me know.

My situation:

Age: 23 graduated college with BS in Mechanical Engineering

Job: Working as a Mechanical Engineer at Western Digital through a contract agency (5 months in), I will start my second 6 month contract period in late February. The company has expressed a strong desire to want to hire me before or when my second contract expires.

Pay: I make a little over 1K a week (after taxes) with very low reoccurring debt due to me currently living at parents house.

Goal for purchasing house: Buy 4-5 Bedroom house. I will live in one bedroom while renting out the others. The goal is to be cash neutral which should be very reasonable given the budget I put together.

I am expecting to have to drop 5-10k into the house to make it cash neutral. Obviously I don't expect to lose my job but say theoretically if I did I really wouldn't be crippled since my mortgage is covered by my renters. I also have backup money in case I was to lose a tenant and had to take a cash loss for a few months. I have good cash reserves.

I called QuickenLoans who said they would not be able to pre-approve me due to the fact I have not worked as a contractor for at least a year.

Question:

Is there a way I can still get a mortgage, without waiting until I am hired as a regular employee?