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Parameters for using part time income

I have been in the process of getting a construction loan for sometime now, however now my bank is saying I have had to worked at my part time job for x amount of time for it to be applied as monthly income. I am wondering if this is true and if so what is the time frame for part time income. Thanks by Tripra_135_663 from Hillsborough, North Carolina. Sep 14th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

That is correct, Fannie Mae, FHA, and VA all say you need 2 consecutive years of part-time income in order to use it for qualifying.

Sep 14th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

2 years is correct, sometimes you could even get away with one year if your employer could provide a letter stating that your employment is guarenteed to continue for x years, depending on lender.

Sep 14th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Fannie Guidelines state 2 years, however the lender your using can have their own guidelines or overlays which might prohibit your scenario from getting approved.. They might want to see 2 years tax returns where you worked both part time jobs for the entire 2 years.. Or they might have an overlay that says 3 years... in any case, you should shop around.. There are lenders out there that will most likely do this scenario.. 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

Sep 14th 2012
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Parrish Register (pregister)
#17 ranked lender in North Carolina - 8 contributions

That is correct however this should have been covered during the application process.

Sep 14th 2012
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Martha Pacheco (MarthaPacheco)
#14 ranked lender in North Carolina - 6 contributions

Yes - They are correct. Guidelines state for all programs in order to use part time income you have to have two years consecutive in order to include the income.

Sep 14th 2012
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So it is only 2 years? I have been working 2 part time jobs for 2 years and have consistently made more money with each. My bank initially told me 2 years but now are telling me it has to be 3 years. If it is 2 years I should have no problem getting the loan, if it's 3 then I will not be able to

Sep 14th 2012
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

2 years is correct

Sep 14th 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

Yes they are correct. You will need probably 2 years of continuous time on the part time job to be able to count it. With it being a construction loan they may add their own overlay to the file though.

Sep 14th 2012
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