According to the Bureau of Labor Statistics’ latest employment summary, 5.9 million Americans work part-time jobs because of economic reasons. As a result, many potential homebuyers shy away from the opportunity to buy a home—but this should not be the case. In fact, mortgage applicants who work one or more part-time jobs can apply that income towards mortgage qualification. Check out how you can get mortgage approved with either one part-time job or a part-time second job today.
- Qualifying for a mortgage with one part-time job: If one part-time job is your sole source of income, you may still qualify for a mortgage. Take a part-time nurse, for example. He or she can work twenty-four hours per week, but this income will still be verified like any 40-hour-per-week business employee. Similar to the mortgage approval process of this full-time worker, a lender will need enough information to determine if the part-time job is stable and going to continue. In addition, you should provide your employment history to prove that your income has and will remain secure. It’s important to remember that each case is unique, so make sure you discuss your options with a lender.
- Getting mortgage approved with a part-time second job: With a part-time second job, time is an essential factor to getting approved. Your lender will need to see a two-year history of the second job before they count it towards the total income for mortgage approval. To do this, request a W2 from both employers, as well as three to four paystubs from both jobs to show your income history. The lender will use these to determine if the applicant can maintain both jobs and successfully pay off a mortgage.
Whether you’re applying for a mortgage with a part-time job or a part-time second job, the best way to get mortgage approved is by first discussing your situation with a mortgage lender. For additional information about mortgage qualification, or to learn more about home financing, contact one of our mortgage specialists today and download The Ultimate Guide To Homebuying And Financing: