Wouldn’t hurt to talk with more than one lender, either. Our credit union (of which we've been customers for decades) wanted more documentation for my own-business income and a longer history of earnings than the national on-line lender we went with.

I don't know where gta is - did you mean Georgia (GA)? At any rate, you need to speak with a mortgage broker. If you have a consistent earnings history, you can get a mortgage. If this one year contract is your first job, likely not - they'll want more assurance that this income is going to continue in the future.

Cross-posting is confusing.

gta???

If that's Greater Toronto Area, yes. But probably best to deal with a mortgage broker.

Re: advice upstream: If you do get turned down in one place, keep shopping banks.

Inadvisable, as every lender's credit inquiry will lower your credit
rating. And the credit record will show you're shopping around and likely being
rejected, otherwise you wouldn't be making a new application requiring a
new inquiry. I manage a portfolio of equity mortgages and that's
exactly our perception.

Inadvisable, as every lender's credit inquiry will lower your credit
rating.

From myfico.com

Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. For FICO Scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO Scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores.

A lot of teachers and professors work on a renewable one year contract, so if that is what you are talking about, it is not usually a problem.

You can pull the 3-B full version report and scores from myFICO when you are starting your shopping for homes. The full version is a consumer soft pull (not a hard pull) and the scores commonly used for mortgages are the scores that mortgage lenders actually use. They use the lowest mid-score of the applicants on the mortgage. If you are one person on the mortgage, they use your mid-score.

You can then discuss with each of your prospective lenders the various programs, interest rates and costs and have the lender provide a worksheet showing you costs. Once you choose a lender, then s/he will need to actually pull your credit report and scores. This way you eliminate the lenders that are not worthwhile and concentrate on only the lenders that you would consider. There are a wide range of lenders and programs. Each is different.

Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO Scores. (14 or 45 days)

Confirming the value of using a knowledgeable mortgage broker or taking Denita's suggestions.

I don't know about Canada, but if you get the equivalent of a W-2 (and not a 1099), you are an 'employee'.