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Will part time job count for income?

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Anonymous
Not applicable

Will part time job count for income?

 
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Will part time job count for income?

I am wanting to refinance my home loan. My current interest rate is 8% on a $130,000 loan. I still owe $123,000 and payments are $1088/ month. I also need some money to complete a remodeling project on the house. I have been trying to raise my scores and currently have Experian 692, Trans 715, & Equfx 716. Should go up in a month or two when I get some uncorrect info off. I am working two part time jobs to pay off debt faster. When I apply for refinance, will the part time jobs count for my income?
Message 2 of 5
WhirledPeasPlease
Moderator Emeritus

Re: Will part time job count for income?

If you want the income included, then sure, it will count.  When I went thru financing for my 2nd home, I tried it first w/o pt income - mainly b/c I was planning on quitting before I closed on the house.  I made it thru w/o the pt job's income, but it was nice to know that I could throw down some 'extra income' if I needed it.

 

Good luck and welcome to the fora!

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 3 of 5
Anonymous
Not applicable

Re: Will part time job count for income?

Part of it wil depend upon job history.  If you have had the job's for 6+ months youy may be OK.  But, you can;t just go out and get a part time job to count for DTI.  In alot of these cases they will average the last 2 years reported income to the IRS as well as any current paystubs.

 

The real problem will probably be what is the current value of the home.  If only 7K has been paid off on the loan, unless there was a sunstantial initial down payment, there may not be enough equity to do a cash out refi.  It would depend on how much you needed as far as cash out goes and the current value of the home.

Message 4 of 5
BrianB_The_Loan_Professor
Valued Contributor

Re: Will part time job count for income?


@Anonymous wrote:
I am wanting to refinance my home loan. My current interest rate is 8% on a $130,000 loan. I still owe $123,000 and payments are $1088/ month. I also need some money to complete a remodeling project on the house. I have been trying to raise my scores and currently have Experian 692, Trans 715, & Equfx 716. Should go up in a month or two when I get some uncorrect info off. I am working two part time jobs to pay off debt faster. When I apply for refinance, will the part time jobs count for my income?

Second jobs may take the form of seasonal employment, such as a referee for football games or running

snow removal equipment. Such employment is considered uninterrupted and may be used in qualifying if the

applicant has worked the same type of job for the past two years and expects to be re-hired during the next

season.

To use income from a source other than the applicant’s primary employment as qualifying income, the applicant

must have worked the second job uninterrupted for the past two years and will continue to do so.

 

The key to using the income will be length of time you have been working there 2 years is needed

 

You may want to take a look at the FHA 203k streamline IF the work you are planning on doing will increase the value of your home otherwise getting cash out is not likely (not enough equity)

B

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 5 of 5
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