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Looking for loan help with recent job change

I'm relocating my family to Virginia. We're financially stable, with a DTI below 15% and good credit (780 FICO). I recently changed positions and ended up with a full-time contracting position rather than W2. The few lenders I've spoke to so far have flat out dismissed us because of the recent change to contractor and claimed I'll have to wait at least 2 years before they will recognize income from my current position. Are there any other options for us out there? by dblake7964 from Goochland, Virginia. Apr 19th 2017 Reply


Roland Varblow (rolandv@703rolandv.com)
#112 ranked lender in Virginia - 1 contribution

Contracting is considered self employed and that requires 2 years of history for all loan types. One option may be a local small bank willing to put the loan in their portfolio. Call diligently each little bank you can find in the area you are looking in. You want bank of Goochland, not Bank of America for example...good luck!

Apr 19th 2017
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Chris Bufis (cbufis@southerntrust.com)
#111 ranked lender in Virginia - 4 contributions

Unfortunately, Fannie and Freddie would require a 2 year history of the self-employment. We have a portfolio loan that might work for you. If you want to discuss this, reach out to me directly. cbufis@southerntrust.com

Apr 19th 2017
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Patricia Johnson (Greenway)
#17 ranked lender in Maryland - 10 contributions

If the contracting position is IN THE SAME LINE OF WORK as the previous W-2 position you may be able to avoid the 2 year waiting period. For example, government employees sometimes become Contractors (self-employed) and continue to work for the same or similar company. If your scenario is similar please give me a call @ 703 722-6641.Regards,Patricia JohnsonMortgage Loan Originator NMLS# 214728Greenway Funding GroupRockville, MD

Apr 19th 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

More info needed, but in general, when you go from W2 paid employee to 1099, you have a 2 year waiting period.. however, if you are in the same industry, then there is an exception.. Try reaching out to a local mortgage professional and see if they can assist you.. Try the brokers first.. they have a large network of lenders, with each one offering a different set of lending rules.. the more lenders, the more lending options and the greater likelihood your loan scenario will be approved. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 19th 2017
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Damon Daniels (damon.daniels)
#109 ranked lender in Virginia - 4 contributions

Mr. Blake,I can help you with your quandary. Contact me at your earliest convenience. Warmest regards,Damon DanielsMortgage Loan ConsultantNMLS ID: 193536Damon.Daniels@FreedomMortgage.comC (804) 399-5109 | O (804) 593-1995 | F (866) 711-8751

Apr 19th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,452 contributions

Unfortunately, I agree. Contracting positions are considered self-employment, and you must be self-employed for two-years. There is a very small possibility IF you are in the exact same line of work. It is a very small chance, so don't get your hopes up. Your only other options are non-conforming, or private loans that require large down payments and have dramatically higher rates.

Apr 20th 2017
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Hi, my name is Jericho Cherry, I am a Loan Officer in Goochland Virginia. I may be able to help you but I need more information. Please give me a call at: 804-556-0685.

Apr 21st 2017
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

You obviously are seeking out a portfolio loan. There used to be a little more flexibility with requiring just one year if in the same field of experience, but it appears you need to get two years under your belt or get something worked out to become w-2 if possible.

Apr 19th 2017
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