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Home-buying dreams dashed because my employment is W2 contract-based even with stellar credit and low debt. Do I really not have any options?

I was working with a mortgage consultant who didn’t want to do a pre-approval, he wanted me to go straight to underwriting to see what they would say about my situation. I just recently changed careers from social work to software development making a lot more initially with that number expected to rise. My credit score is in the excellent range and I only have federal student loan debt a little over the national average.

Their first problem: My offer letter lists my pay as hourly and they said they need to see a guarantee of full-time.

My solution: I got a letter from HR outlining that I would be 40-hours full-time.

Their second problem: When they called HR they didn’t like that they gave them a contract end date. Now they’re saying my income is not stable.

My issue: How is being on a contract an issue when no employment is guaranteed plus the contract is likely to get renewed and if not, they just place me elsewhere.

I called another mortgage place for a second opinion and he said I’m likely to have the same issue with them.

Yesterday I cried because for 10 years I’ve done nothing but keep my debt low and keep a good rental track record and a good credit score without so much as a late payment all in anticipation of getting a home. Now that I have the salary to match I’m being told none of this is good enough because my employment doesn’t fit neatly into a box. The first mortgage consultant literally told me “if you had a salary we’d have no problem issuing the loan” but that’s unfair because many people have different payment setups.

Is this it? Do I really not have any recourse or is there a lender out there willing to work with me?

submitted by /u/alienposingashuman
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1l8qpl4/homebuying_dreams_dashed_because_my_employment_is/
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