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Are we able to use my husband's income to qualify if his job is a contract/short term position?

by belinda410 from Loma Linda, California. Jan 13th 2016 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Much more info needed, but if your husbands work history for the past 2 or more years was contract work, then yes.. it could be considered.. if however this is a temporary type job, then it's possible the income will not be considered.. has he been in the same industry for more than 2 years? is this contract work within this industry? Does it include bonuses or commissions? Does he have a 2 year history of receiving bonuses or commissions? etc, etc, etc.. I could go on, but you get it by now.. Much more info needed to properly answer your question.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 13th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Maybe... Generally speaking, he is an employee if he gets a W2, and has taxes taken out of his paycheck. If he is a contract worker, generally they get a 1099 at the end of the year, and no taxes or anything are taken out of the paycheck. Next, while technically you can get fired at anytime, if a lenders does a job verification, the employer must say it will continue at least 3-years. If they say he is a contract employee with an end date, and that date is less than 3-years, you can not use his income.

Jan 13th 2016
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

We have our process to qualify people with contracted short term positions. Generally, we end up averaging income over a 24 month period while viewing a three year period at least. Please do not be discouraged. If you could use this person's analysis and qualification please do contact me at lgray@mmcdcorp.com.

Jan 13th 2016
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