If you are trying to purchase a house using part time job income the underwriter will want to see that you have a two year stream of this part time income before they will give you credit for it.
Incidentally it works the same with bonus income. The underwriter will want to see that you have a 2 year history of receiving the bonus and will take a 2 year average of it to add it to your income.
…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need. …You wouldn’t fulfill the 2 year work history on it.
You do have other options though… If you are in this situation – please give me a call or drop me an email. I would love to try to help you.
Have a good day today! …and thanks for reading.
Brett
One of the most important things you will have to do when you apply for…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…
Do you need cash out of your home, but you don’t want to refinance the…
In the mortgage world there are rules we have to follow. Such as, rules about…
Do you have investment property, and would like to pull cash out of your property?…
