Will this income count?

[Anonymous]

I have been at my employer for over 5 years now and have just started another full time job in the same field. I have been there for 2 months and plan to keep both jobs as the newer one is doing work from home and doesnt require me to be gone any additional time. My husband is going to be staying at home with the newest baby now that I am making enough to replace his income. I make 55k at my 5 year job and about 45k at the new place. Will it count for mortgage purposes?

[Anonymous]

Is it w2 income, 1099, or self employed/self reported income?

If it is w2 and in same field, you stand a chance of them counting it.  But I am guessing still no.  They generally do not count new income such as this becuase too many people would go get a part time/second job just to qualify for more home and then quit after closing.  They usually want to see 2 years of any income to count it.  Let us know as this is an unusualy case. 

If it is 1099 or S/E, they will almost certainly want 24 months on job beofre counting it and they will want to see what deductions you take due to the job.

[Anonymous]

It is W2 income. I am paid bi-weekly. I know that part time income is usually not counted usually unless you have 24 months worth so with this being full time, I thought it might have a better chance of being counted.....

[Anonymous]

It is not a matter of part time or full time. Generally, no income is counted if it is less then 24 months unless you are coming straight out of college.  The issue here is long term proof that you are going to keep this job because too many people try to bump income with a second job but few rarely can keep the second job up for a long period.  So they will probably want to see proof that the 2nd job (in current field or not) is going to be sustained by both you and your employer.

[ShanetheMortgageMan]

It's considered a second job, and as such, you'll need to be there for at least 24 months in order for it to be included as qualifying income.