Regardless of how many jobs you have or how many hours you work, lenders always start with an audit of your work history and income. So, yes it is possible to qualify for a mortgage on work part-time alone. The essential qualifier isn’t how many hours you work, but instead on income and work history.
Documentation Makes a Difference
Lenders request documentation of salary and work history, in any case, if you work part-time in addition to full-time, you might be asked to give extra documentation. For the most part, lenders need to see that you’ve been at your part-time work around two years before it will count towards mortgage-qualifying income.
Lenders do this since they need to ensure that they construct your loan application in light of a precise picture of your income, not just a sideline but in total household income from part-time work in addition full-time employment.
Lenders likewise gauge if this workload is sustainable – basically looking if you can work a full-time and part-time work for long term. In the event that your mortgage loan depends on a high workload that isn’t sustainable, your lender will be worried about your failure to make payments if you to drop the part-time work.
If you work one part-time job, however, you may need not to give extra documentation. For as long as it creates the income to satisfy the lender’s income requirement and they’ve verified that the salary is steady, they will get your application the same as full-time employment. Home ownership is possible even if you are working part-time!
Call us today to learn more about the application process for part-time workers!