Mortgage issues as a fixed-term employee
Hey!
Here are the details:
-Looking to buy a condo for 375k
-80K downpayment saved
-Currently on 1 year term contract for 75k a year.
-Been in the industry for 4 years
-variable extra freelancing income of 10k-20k, but just started that this year
-Wife has same freelancing job for 15k a year, but also started this year.
As far as I know potential lenders are going to want to look through my 2 last years of NOA's since I am not permanent. The issue is that although my salary itself has been on an upward trajectory for the last 4 years, I have taken plenty of breaks on my own volition leading to incomes of just 34k and 45k in the last two years. Not enough to qualify for the mortgage we are looking at.
Are we screwed? Do we possibly have to wait 2 years now to get more favourable NOA's, or would a mortgage broker be able to get around this somehow?
Thanks a ton in advance!
Here are the details:
-Looking to buy a condo for 375k
-80K downpayment saved
-Currently on 1 year term contract for 75k a year.
-Been in the industry for 4 years
-variable extra freelancing income of 10k-20k, but just started that this year
-Wife has same freelancing job for 15k a year, but also started this year.
As far as I know potential lenders are going to want to look through my 2 last years of NOA's since I am not permanent. The issue is that although my salary itself has been on an upward trajectory for the last 4 years, I have taken plenty of breaks on my own volition leading to incomes of just 34k and 45k in the last two years. Not enough to qualify for the mortgage we are looking at.
Are we screwed? Do we possibly have to wait 2 years now to get more favourable NOA's, or would a mortgage broker be able to get around this somehow?
Thanks a ton in advance!
