Posted on: 30th Jul, 2012 07:35am
If you work on a temporary basis, still you may be eligible for a
home mortgage loan. Your eligibility to get approved for the loan
depends upon the discretion of the lender. If you have good future
prospects, you may get the approval.
Usually lenders do not discriminate you on the basis whether
you are a temporary employee or a permanent employee. What
they look into while approving you a loan is whether you are
continuously employed for 2 years. Other factors, such as your
credit score, income, assets etc will also come into consideration
while approving you the loan.
home mortgage loan. Your eligibility to get approved for the loan
depends upon the discretion of the lender. If you have good future
prospects, you may get the approval.
Usually lenders do not discriminate you on the basis whether
you are a temporary employee or a permanent employee. What
they look into while approving you a loan is whether you are
continuously employed for 2 years. Other factors, such as your
credit score, income, assets etc will also come into consideration
while approving you the loan.
Hello,
My husband and I are currently beginning the process of buying a house. He has fantastic credit and owns a condo (that we just recently rented). We are currently living with my in-laws in order to put more money towards our down payment on a house. My question is: I am currently working as a temp on a two year contract, previously I had worked at a full time position for 3 years. I took this job because there was a significant pay increase as well as the potential to get hired at a great company with many future opportunities. I had poor credit, but am currently up to "fair" and working my way up to "good". My question is, how likely are we to get pre-approved with my employment situation? We currently have approx 20k for a down payment but would like to have between 30-40k when we do buy.
Thank you!
My husband and I are currently beginning the process of buying a house. He has fantastic credit and owns a condo (that we just recently rented). We are currently living with my in-laws in order to put more money towards our down payment on a house. My question is: I am currently working as a temp on a two year contract, previously I had worked at a full time position for 3 years. I took this job because there was a significant pay increase as well as the potential to get hired at a great company with many future opportunities. I had poor credit, but am currently up to "fair" and working my way up to "good". My question is, how likely are we to get pre-approved with my employment situation? We currently have approx 20k for a down payment but would like to have between 30-40k when we do buy.
Thank you!
If you have a low credit score then you will not be able to get on teh mortgage. Your status as a temp in not an issue. It is illegal to discriminate against you because of your temp status. A person can qualify on unemployment , child support or AFDC. It is your credit that will hurt you more. As a loan officer for twenty years, i just had to recently take the federal exam and that question was on teh test. You can use your income to qualify.