Home Mortgage Refinancing and Contract Employment

The 21st century has brought about many changes in the way that people work.  Traditionally, you either worked for a company for W2 type income, or you were self-employed and throw every last deduction you can think of at revenues to produce the lowest taxable income amount possible.  For home mortgage refinancing qualification purposes, you would need a continuous 2-year work history for either classification.

Nowadays, there is a kinda hybrid form of employment called “contract employment”.  This is where a worker acts as an employee for a company, most likely working on a specific project, but the individual is really self-employed.  There is no distinction between a W2, self-employed, or contract worker for home mortgage refinancing qualification, as a full 2-year contract will need to be verified to become eligible for a home loan.