100% mortgage, eligibility?
I am
looking for a 100% mortgage, but i am
a contractor on a temporary contract. does anyone know of any mortgage companies that will accept me?
Answer
It all depends. three things that make a mortgage work are collateral, capacity to pay and credit.the home should stand for itself in a purchase as collateral. credit is your score. capacity now this is where you can get sticky. if you will have 3 or more years remaining on this contract then yes probably. if not then how are you paid. if you are paid as a 1099 contract labor and have been for the last 2 years in the same line of work then yes probably. if not then probably not. there is also a thing called your debt to income ratio. all outstanding debts including your new mortgage with escrows impounded or not / total income {1099}- expenses if you have any. so your question is a complicated one and needs a professional to make the call. i am a mortgage banker in tn and ky if you live there then i can help answer these with you!good luck