The growing number of gig economy workers in this country may have the freedom to work whenever they want, and sometimes from wherever they want, but when it comes to buying a home, all of that freedom has its price.
It turns out employees who have many part-time jobs, hop from one short-term contract or project to the next, or rely on freelance work as opposed to permanent jobs, don’t come packaged in the tidy financial box that mortgage lenders typically like.
“Historically the mortgage industry wants everything — residency, credit score and a two-year history of employment. And we’re also trying to predict the likelihood of that continuing for the next three years,” said Whitney Fite, senior vice president, strategic accounts for Atlanta-based Angel Oak Home Loans. “With the gig economy, we’re seeing less and less people fitting in that box.”