Can I Qualify For Mortgage With Multiple Jobs?
Mortgage With Multiple Jobs:
Home Buyers can qualify for mortgage with multiple jobs. However, there are rules and restrictions when it comes to qualifying for mortgage with multiple jobs. Two of the deciding factor in whether or not a mortgage loan borrower qualifies for a home loan is credit and income. You can have had prior bad history and low credit scores but as long as you have documented income, you will qualify for a mortgage loan. However, on the flip side, you can have the highest credit scores, even over 800 FICO credit scores, and not a single late payment on your credit report but is you do not have a job and/or documented income, there is no way you will qualify for a home loan. Many people, after the 2008 Real Estate And Mortgage Meltdown , have lost their businesses and full time jobs. Some hard working Americans have lost their jobs where they have worked for decades. The mortgage industry lost over half its work force due to the complete shutdown of sub-prime lending and the whole revamp and restructuring of the mortgage business with the implementation of the SAFE ACT and Dodd Frank Act where mortgage loan originators had to go through testing and complete new federal and state criminal background as well as credit checks. Many old timers in the mortgage business who have been in the business for decades and have been out of school for decades have been forced out of the mortgage business because they could not pass the national NMLS exams. The country suffered the longest Recession since the Great Depression and most folks who had no problems in finding full time employment gave up looking for full time jobs. Many consumers had to file bankruptcy and lost their homes through foreclosure and/or deed in lieu of foreclosure or short sale due to loss of job and many of hard working Americans had to settle for menial jobs or multiple jobs just to make ends meet. To this day, I know so many successful people who had great jobs and/or businesses who are underemployed and have multiple jobs just to keep a roof over their heads and take care of their families. Many have gave up in finding full time employment and have changed their lifestyle where they have multiple jobs. The good news is that these hard working folks with multiple part time jobs have recovered and whether they filed for bankruptcy or lost their homes, can now qualify for mortgage with multiple jobs. Prior bad credit, prior bad credit, prior bankruptcy, prior deed in lieu of foreclosure, prior short sale, prior collection accounts are all no issues with qualifying for mortgage with multiple jobs.
Requirements With Qualifying For Mortgage With Multiple Jobs
Mortgage lenders consider job longevity as a compensating factor , which is a positive factor. The longer a mortgage loan borrower had a job in the same field, the more secure he or she will be with steady future employment. Full time jobs are considered more secure than part time jobs. There are different types of requirements with part time jobs than there are with full time jobs when it comes to mortgage lending guidelines. If a mortgage loan borrower has had gaps in employment , the rules are as follows: If the borrower has been unemployed for more than six months and then got another full time job, then the mortgage loan borrower needs to wait six months in order for them to qualify for a home loan with the new job’s income. If the mortgage loan borrower has been unemployed for less than six months and then got a full time job, then they need to wait until they provide 30 days paycheck stubs in order to qualify for a home loan. With part time jobs, it is different. In order to count part time employment, the mortgage loan borrower needs to have had the same part time job for at least two years in order for them to qualify with the part time job income. If the mortgage loan borrower needs to qualify for mortgage with multiple jobs, here are the following requirements:
- Qualifying for mortgage with multiple jobs if the jobs are part time jobs, each part time job needs to have at least a two year seasoning for the income to be used in mortgage loan income qualification.
- If the mortgage loan borrower has two full time jobs, then one of the jobs will count as full time employment income, however, the second full time job needs to be seasoned for two years in order for both full time income to count towards income in qualifying for mortgage.