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Will the change from employment to independent contractor affect our mortgage application?

My wife and I want to buy our first home this summer but he just got an offer for a new job with higher income. He’s going from a W2 to an independent contractor. If he accepts, would it affect our loan application? Is there a way around the 2 year employment requirement or are we stuck with renting for the meantime? by jonathan733 from Brentwood, California. May 17th 2022 Reply


John Burke (jburke)
#27 ranked lender in Texas - 321 contributions

Unfortunately there really isn't a work around for the 2 year requirement. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

May 26th 2022
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Wes Hankins (Wes Hankins)
#118 ranked lender in California - 18 contributions

SOMETIMES.. we can work around 2 years self employment. But in those scenarios, you still need 1 year taxes. So you cannot "accept" the position, and still qualify. you will not able able to use that income right away.

Apr 3rd 2024
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