Can wife be included on home loan or, at least her income considered

[Anonymous]

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@kc0039 wrote:

There's different scenarios for each program. FHA states that two years of part time job uninterrupted. 2 consecutive years for conventional. Translation is up to the underwriters. If her employer considers her as part time, you can't use her income at all

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I clarified with her tonight and she said she IS considered Full Time by her employer

[Anonymous]

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@HarjeetBhatti wrote:

Her income can be considered on loan application. You have to provide her transcript to the lender. 

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So her income is considered but she is not included in the loan?

[kc0039]

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@Anonymous wrote:

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@kc0039 wrote:

There's different scenarios for each program. FHA states that two years of part time job uninterrupted. 2 consecutive years for conventional. Translation is up to the underwriters. If her employer considers her as part time, you can't use her income at all

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I clarified with her tonight and she said she IS considered Full Time by her employer

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She can go on the loan and her income will be considered. We need a two year history of where she worked and provide a letter of explanation for the times she's been off work for a long period of time (Lender dependent because of overlays).

[Anonymous]

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@kc0039 wrote:

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@Anonymous wrote:

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@kc0039 wrote:

There's different scenarios for each program. FHA states that two years of part time job uninterrupted. 2 consecutive years for conventional. Translation is up to the underwriters. If her employer considers her as part time, you can't use her income at all

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I clarified with her tonight and she said she IS considered Full Time by her employer

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She can go on the loan and her income will be considered. We need a two year history of where she worked and provide a letter of explanation for the times she's been off work for a long period of time (Lender dependent because of overlays).

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So just to be clear here, not meaning to beat a dead horse..... In my original post, I stated she currently has 1 month work history. Nothing else in the last 2 years.

[kc0039]

That's fine. Lenders will require a Verification of employment to make sure on her status as a full time employee. She'll have to write a letter of explanation on why she wasn't working for the past two years before her current job. You said it was to raise the kids, then state that in the letter of explanation.

[Anonymous]

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@kc0039 wrote:

That's fine. Lenders will require a Verification of employment to make sure on her status as a full time employee. She'll have to write a letter of explanation on why she wasn't working for the past two years before her current job. You said it was to raise the kids, then state that in the letter of explanation.

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Great. Thanks so much for sharing your knowledge!