Refinance as an IT Contractor?

January 16, 2012 11:54 AM

How do I go about refinancing my house as an IT contractor?

When I took my current job back in November, I took it as 'contract-to-perm' with the idea that the company will hire me full time after six months. Nothing has changed in that department.

In the refinance world, I'm looked at as a temp employee. The first person I called, ran the numbers and stated we'd have to wait until I was permanent. How can I refinance NOW with my current employment state as it is? Do I have to wait until I'm perm or should I just list my contracting company as my employer and leave it at that?

posted by littleredwagon to work & money (4 answers total)

If you're not needing to pull any additional cash, call your existing loan servicer and ask if your loan is eligible for MHA or HARP (it's referred to either way). That loan may let you refinance into a lower rate and payment with no appraisal and no income verification (they do check to see that you have a source of income).
posted by brownrd at 12:20 PM on January 16

Thanks for that reminder! Duh to me...:-)
posted by littleredwagon at 1:31 PM on January 16

One bit of advice: when you call the number for your servicer, as for a mortgage loan officer right away and THEN ask for a MHA refinance. If you call the general customer service number and ask them you may end up in area that does modifications - and you don't want one of those. Get a loan officer first, and THEN ask for a MHA loan.
posted by brownrd at 1:37 PM on January 16

Will do. Thanks for the tip...
posted by littleredwagon at 8:11 AM on January 17