Qualifying Working Two Full Time Jobs To Qualify For Mortgage

Working Two Full Time Jobs To Qualify For Mortgage Explained

The 2008 Real Estate And Financial Meltdown has affected million of hard working Americans. Countless of self employed business owners were forced to shut down their businesses they have had for many years. Millions of hard working Americans have lost their jobs and/or careers they have held for many years, some for decades and were forced to unemployment. Entire industries went through complete changes and some industries such as the sub-prime mortgage markets went obsolete. Those in the real estate, construction, and mortgage lending markets were affected greatly. Real estate investors who always had access to financing and bridge loans were left with no means of getting financing to continue on with their business and expand their businesses. The sub-prime mortgage markets employed hundreds of thousands of employees shut down due to new mortgage regulations and laws and these folks needed to find employment in different sectors of the mortgage lending industry or left the mortgage field altogether. Mortgage loan officers were forced to adhere to new mortgage regulations pertaining to licensing where they now had to take a 20 hour pre-licensing mortgage educational course, take the federal NMLS examination in order to remain in the mortgage business as a mortgage loan originator. However, many old timers who have been in the mortgage business for decades and were higher in age had a difficult time passing the NMLS mortgage loan originator’s national examination and were eventually forced out of the mortgage industry due to not being able to pass the national NMLS mortgage loan originator’s examination. Bankruptcies and Foreclosures soared to a historical high. The Great Recession of 2008 was more like the Second Great Depression of 2008 and not the Great Recession of 2008. Millions of homeowners in all parts of the United States lost their homes and a large percentage of homeowners had homes where their market values have tanked so much that their mortgage loan balances were higher than the value of their homes. Short Sales and Deed In Lieu Of Foreclosures were a common thing. Many Americans in the work forced had difficult times in not just getting new jobs in their fields but just jobs.  Large percentage of the unemployed were forced to find jobs where they were overqualified for or had to take on more than one part time jobs and barely make ends meet. Working two full time jobs to qualify for mortgage is possible, however, there are mortgage regulations and requirements with working two full time jobs to qualify for mortgage.

Working Two Full Time Jobs To Qualify For Mortgage: How Underwriters Qualify

Many Americans have two full time jobs and have gotten used to having two full time jobs to support their household. Many Americans have recovered or are still recovering after the Great Recession of 2008. Those who have filed for bankruptcy are now back on their feet and have started to re-establish their credit. Those who have lost their homes through foreclosure, short sale, or bankruptcy are now ready to become homeowners again. FHA Loans are by far the most popular mortgage loan program out today where a home buyer only needs a 580 FICO credit score to qualify and only a 3.5% down payment. HUD also allows up to a 6% in sellers concessions to be given to the home buyer by the home seller so the home buyer does not need to worry about coughing up the closing costs and all they need to worry about is the down payment on the home purchase .  Home buyers who are able to afford a new home mortgage payments and housing expenses but lack the down payment on a home purchase can get gift funds for down payment . FHA allows a home buyer to get 100% gifted funds by a family member to be used for the down payment of their home purchase.

Income and credit are the two main deciding factors when mortgage underwriters review a borrower’s mortgage loan application. There are specific income underwriting guidelines on how mortgage underwriters qualify income. Two full time jobs to qualify for mortgage can be used as long as the borrower has had both full time jobs to qualify for mortgage for at least two years. If the borrower only had one full time job for two years and the other full time job for less than two years, then only one full time job can be used. The higher of the two full time jobs can be used to qualify for income. The borrower can use the full time job that he or she has been working for less than two years if that job has a higher salary and/or hourly wage as his or her qualified income as long as that full time job is likely to continue for the next three years. However, the other full time job cannot be used. The two full time jobs to qualify for mortgage can be used if and only if the borrower has held both full time jobs for at least two years.

Other Income To Qualify For Income

Part time income, bonus income, and over time income can be used as qualified income if the borrower has had at least a two year history of earning part time income, bonus income, and over time income from the same job and the likelihood is likely to continue for the next three years. A verification of employment will be required by his or her employer.

If you have any questions in qualifying for a mortgage due to working two full time jobs, irregular income, self employment income, part time income, bonus income, and overtime income, please contact Gustan Cho Associates at 262-716-8151 or email us at gcho@gustancho.com. We are available 7 days a week, evenings, weekends, and holidays.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

Comments are closed.