Organizing Income as a Contract Worker
Part of the Video Series How to Organize Income & Assets
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Video Transcript
Organizing Income as a Contract Worker
Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan, if you happen to be a self employed person who is a contact worker, you will probably fall under the self employed banner. But if you are a contract worker, there is no reason to fear. All you need is to organize and put in a safe place your pay stubs. Because a contract worker, you will receive pay stubs. All be it from different companies and you will also have your W2's from all your income from last year from all the different companies, that is totally fine. All you need to do is be very organized with those W2's and with all of your pay stubs. And make sure you tally up how much you actually make a month even though it is from two or three different companies. Keep all that information very safe, you can scan it into your computer or keep it in a file but that will be absolutely necessary when applying for a home loan is to have that documentation. Pay stubs and W2 and also in a lot of instances they may ask you to write just a simple letter saying here are the companies I work for, this is what I do for each company, this is what I studied. They call it a letter of explanation or an LEO and that might be asked of you as well. So be prepared just to have yourself organized with your income if you are a contact worker.
Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan, if you happen to be a self employed person who is a contact worker, you will probably fall under the self employed banner. But if you are a contract worker, there is no reason to fear. All you need is to organize and put in a safe place your pay stubs. Because a contract worker, you will receive pay stubs. All be it from different companies and you will also have your W2's from all your income from last year from all the different companies, that is totally fine. All you need to do is be very organized with those W2's and with all of your pay stubs. And make sure you tally up how much you actually make a month even though it is from two or three different companies. Keep all that information very safe, you can scan it into your computer or keep it in a file but that will be absolutely necessary when applying for a home loan is to have that documentation. Pay stubs and W2 and also in a lot of instances they may ask you to write just a simple letter saying here are the companies I work for, this is what I do for each company, this is what I studied. They call it a letter of explanation or an LEO and that might be asked of you as well. So be prepared just to have yourself organized with your income if you are a contact worker.
About the Expert
Expert: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Read More
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