It’s never been easier to own a home, thanks to borrower-friendly mortgages that continue to adjust their qualifications and risk assessment to cater to more Americans in need of homes.
Nowadays, you can find mortgage programs that do not require the traditional 20 percent down payment as in FHAloans, or even no credit evaluation in the case of VA loans. Many lenders are also easing their guidelines and if you are worried about income, you might want to rethink your options.
Yes, you can get a mortgage with a part time job. Here’s how it works:
Qualifying with a part time second job
If you have a part time second job, expect lenders to verify your length of service in that job. Usually, a two-year history is needed for that income source to be added to your total income. You also need to prove that you have been working for two jobs simultaneously within the past two years.
The required documents usually include: W2s from both employers, and the last three of four paystubs from both jobs.
Qualifying with one part time job
The qualifying requirements for borrowers with only one part time job is less stringent than the former. The lender only needs to know that the income stream is stable and is likely to perpetuate in the future. Forward your history of related employment or education information to your lender. Usually, this already satisfies the needed documentation for income verification.
Take note, however, that requirements may still vary from lender to lender.
Income verification is a necessary process of the mortgagee assessment. You need to be able to prove that you can pay back the money you owe on the house. And although having a full-time job is what traditional lending prefers, it’s no longer a solid wall of restriction. If you have a part time job or a part-time second job in addition to a full time position, you can still qualify.
In case you’ve been working on your second job for less than two years, talk to your lender. There’s still a chance they will accommodate your situation given you present additional proof that your second source of income is stable. This can be done through a security letter from your employer.
Who says a part time job can totally impede your chances of owning a home? Get your mortgage application rolling! Take advantage of today’s flexible mortgage qualifications and low interest rates.Click to See the Latest Mortgage Rates»