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Can I use part time and a new full time job to qualify for a mortgage?

I have worked for a home improvement retailer for 5 years. (Last year full time) I was considering dropping to part time and getting a full time job in a similar or related field with equal or more pay. Will I be able to count both incomes towards a new mortgage? How long on the new job? by fbooka_418_703 from Pelham, Alabama. Jun 18th 2013 Reply


Chuck Young (ChuckY)
#18 ranked lender in Alabama - 12 contributions

If I was trying to get a mortgage I would not drop to part time and change jobs.

Jun 18th 2013
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Yoni Rappaport (YoniRappaport)
#103 ranked lender in New York - 13 contributions

To consider the income from your second job you'll need 2 years. If you left your current job and went to another job in the same line of work then you could use the new job income. But when you start a 2nd job they want to see that you are able to manage 2 jobs for at least 2 years.

Jun 18th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

As long as you are staying in the same line of work/industry, your new FT job income should not be a problem to use for qualifying purposes. However, that puts your current employer as a 2nd job. Income from a 2nd job cannot be used unless you've worked at both for 2 years.

Jun 18th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

The answers above are great but it really will be better for you to get the house now with this job unless you expect drastic income raise with a new one.

Jun 18th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

The answers above are great but it really will be better for you to get the house now with this job unless you expect drastic income raise with a new one.

Jun 18th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Qualify and buy now with existing job.

Jun 18th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If you switch jobs, but stay in the same field, you can use that income, however when you convert your current job to a part time job, you will not be able to use that income for qualifying purposes.. any 2nd jobs would have to be consistent for the last 2 years to be considered.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 18th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

If you switch jobs, but stay in the same field, you can use that income, however when you convert your current job to a part time job, you will not be able to use that income for qualifying purposes.. any 2nd jobs would have to be consistent for the last 2 years to be considered.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 18th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

In order to qualify using income from a primary and a secondary job, you will demonstrate that you have held both a full time and a part time job for 2 or more years.

Jun 18th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

In order to qualify using income from a primary and a secondary job, you will demonstrate that you have held both a full time and a part time job for 2 or more years.

Jun 18th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

your current employer as a 2nd job. Income from a 2nd job cannot be used unless you've worked at both for 2 years.

Jun 18th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

The new should not be an issue as long as it is in the same line of work or you are getting an increase in pay. In most cases we would not consider the part time job. However, you did mention that you were only full time your last year. I think that it may be possible to count the income by taking a two rear average of the income because the previous 4 yrs i presume were part time. Get with a good loan officer who can show you haw to properly document the file with letters from you and letters from your current employer.

Jun 18th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Generally, lenders want to see a full month's worth of paystubs from a new employer. Income from a second or seasonal job must be earned for two consecutive years or more before the income will be counted, even if you are converting from full-time to part-time. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Generally, lenders want to see a full month's worth of paystubs from a new employer. Income from a second or seasonal job must be earned for two consecutive years or more before the income will be counted, even if you are converting from full-time to part-time. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
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