What You Need To Know About Part Time Income:

By
Mortgage and Lending with Berkshire Lending, LLC

small brett pic What You Need To Know About Part Time Income...

I’ve written about this before, but I think it’s worth repeating:

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

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Comments (1)

Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

It is always good to be reminded of what is required so we can explain that to our clients if the question arises.

May 25, 2015 11:10 PM