as a lender lending to contract/self-employed buyers?
Everything seems great from the beginning. The loan officer for my buyer's bank (very ubiquitous one that everyone has heard of) gathered documents, reassured us of the durability of my buyer's finances, etc.
Today, it started drizzling on our parade. I'm hoping that's it's only a mere drizzle that will soon cease.
Long story short - as much as possible - My client's income is certainly not a problem for the price range he's in. His credit score is nearing 800. Lastly, he has a car payment. ONE car payment. He, however, works in the medical field signing quarterly contracts with different hospitals and will always have those opportunities. He is NOT a 1099 employee. He receives W-2s. He has done this for 6+ months, and was a full-time employee for five years prior doing what he does now, just not traveling.
So this brings me again to my question. Are any of you with lending knowledge (perhaps I should know more) privy to a reputable bank loaning for these type buyers?
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