We are talking to tons of people who got laid off from their job, and in an effort to make income for their family – worked several part-time jobs during the past two years. Some of them have established a great work schedule, and others found permanent employment in the past year. The question we hear from many home buyers is, Can I Get A Mortgage If I Have Part Time Jobs?
The first time home buyer we talked with last had an employment picture that looked like this:
Graduated from college in 2014 with a degree as a Physical fitness Specialist. She is also certified as a First Responder.
She took a job as a Personal Trainer at a local Gym, and made about $5000 a year in 2014, 2015, 2016 and is on track to make that in 2017.
She also works for the School System as a First Responder, and made about $4000 a year in 2015, 2016 and is on track to make that in 2017.
She worked for a Country Club in the area as a Personal Trainer, and made about $4000 a year in 2014, 2015 and about that much for 2016.
She worked as a Dispatch Operator at a Trucking Company part-time in 2015 and for the first 6 months in 2016 and made about $6000 a year doing that.
In July of 2016, she got her first full-time job working as a Dispatch Operator for a Company that provides pharmaceuticals for long-term care facilities. She makes $32,000 doing this.
Even though she doesn’t have a full two-year history of working in this field, full-time (and it’s not what her degree is in) we can see that she has the ability to do this type of work, and we can count that income. So, because she has a history of working as a Dispatcher, and because she’s been working as a Personal Trainer at 2 different companies, and she’s worked for the school system for at least 2 years – we can qualify her using ALL of this income.
Two years of income is the benchmark with Part Time Jobs (especially if you are working 3 or 4 part-time jobs as opposed to working a full-time employment).
Underwriters will likely treat several part-time jobs like being Self Employed – especially if you are working as a Personal Trainer, and making “commissions” from each person you work with. It’s much like a Hairdresser, who doesn’t have a fixed income, it’s based upon how many clients they work with. For that type of income – we need to see two full years of doing it at the same place. We will also need to see tax returns, so if you write off much of that income, we will reduce your income by the write off amount.
She has very little debt, and like most people we talk to, she qualifies to purchase a $186,000 home. Since 2014, she’s been living with family – and she was able to save over $5000. She wants to use the FHA Home Loan program to buy a home in Raleigh, and her folks are going to give her a gift for any additional funds she needs to buy the house.
Because she’s a First Time Home Buyer who makes less than the NCHFA income cap for Wake County of $80,000 – we can offer her the Mortgage Credit Certificate (MCC), which gives her an additional tax credit each year!
Here’s the cool thing – this lady (she is such a positive person I just love her!) qualified for a $186,000 house – but she found one that she’s in love with for $156,000. Her total payment (after we add the MCC Credit) is less than $1000 a month!
First Time Home Buyer Programs in NC make buying a house in Raleigh affordable. That’s my whole point. Look in Knightdale, Wendell, Holly Springs, Apex – or Raleigh, and you can find a house that you are IN LOVE with too! Want us to answer the questions of Can I Get A Mortgage If I Have Part Time Jobs? for you – Call Steve and Eleanor Thorne 919 649 5058. Ask us questions below, or connect with us on Facebook! We want to help you buy your first home!
Hi Eleanor,
What if I just have one part-time job? I was recently told that my part time job would not be considered primary income and would be subject to the two year stipulation in order to be approved for a mortgage loan. I have have long standing employment history with no gaps in the last ten years with the exception of last year when my fiance and I traveled abroad for 3 months before moving to NC where I have had a part time job now for the past year. I work a set amount of hours (28) and my annual income is $25k. Do I have to there for two years before my income is considered?
It’s possible that on a FHA loan we can use your part time employment – it will depend n weather it is in the same line of work that you were in previously. Please call us at 919 649 5058 and we will be glad to look at it for you!