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Updated almost 9 years ago,
How to get a mortgage loan while working a contract job
Hey Guys,
I own a single duplex property in Raleigh which I currently owner occupy and rent out the other side as well as rent to a roommate.
My total monthly payment is: $1143
My total rent while owner occupying is: $1375
My total rent once I move out will be $1850
I purchased this first property while I was working a full-time W2 job. I have now switched jobs to a better job in a different field, however this position is a contract or "contract-to-hire" position. The Contract simply states a start date and is open ended. I am technically a W2 employee of a recruiting agency.
I'm beginning to explore what I can to do pick up another property and secure a loan (preferably from a traditional lender). When I talked to My lender he old me:
- Current rental income CAN be counted toward a mortgage as long as I have signed leases
- My job income (from my contract position) can NOT be counted as income toward a mortgage.
This obviously sucks because it essentially leaves me with only the purchasing power I have from my existing rental property which is close to nothing, and none of the income I am earning from my job.
What are some ways around this? What types of lenders should I be talking to that might be more flexible or turn their heads at this type of scenario?