High DTI as a Full-Time Contractor

You should try going FHA.. You will need 3.5% down, but some lenders will allow up to 55% DTI.. the down payment can be gifted, and there might be some down payment assistance programs in your area available as well. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Unfortunately lenders only look at the net income averaged out for two years. If you are at 48% have you thought about going FHA or a Conventional Loan. How much do you have down on the property? If you would like to discuss your options give me a call tomorrow, I'm happy to help. 888-320-7888 - www.MortgageWholesale.net - Ken

Hi, feel free to call me tomorrow so we can go a little bit more indept with all of your options. The debt to income ratio is not set in stone, if you have compensating factors alot of times we can still do the loan not to mention there are plenty of ways to get you into a home with a credit score you just need a good loan officer working for you. I personally have 14 years in the business and i work for a federally chartered bank (FDIC) with underwriting on staff to find a way to make the loan work for you. Feel free to call me so we can explore your options at 816-309-0054

Good morning! Lagging a bit behind on this answer, as I am in Disney right now and they had not ironed out their internet service until this morning! Am a local Arkansas mortgage banker (located in Little Rock and Hot Springs). Based on what I have read here, there is no reason why you cannot use your full-time contractor 1099'd income. Do you have 2 years of tax returns reflecting this income? I can communicate via e-mail and cell phone AND my business partner is in Little Rock if you would like to meet with someone this week. E-mail address is bfrench@topflitefinancial.com and cell # is 501-276-6786. Thanks,Brian

You can do a FHA loan if you have 3.5% to put down or if someone will gift it to you. Be careful with debt consolidation programs a lot of them will bring your credit scores down.