income from 2nd part time job count?

[Anonymous]

Hello,

I am planning to buy my first house in a little over a year.  My question is...I currently work a full time job and a part time job.  Will both incomes be considered when I apply for a mortgage?

THANKS!

[Anonymous]

As long as you have the check stubs, yes it should count.

[Anonymous]

My past experience is not unless more than 12 months OTJ and usually documented on tax returns. My Credit union did accept part time income on a installment loan, but I was not sucessful with that on mortgage

[DallasLoanGuy]

Prove it for 24 months and you are good. Otherwise, do not count on it.

Guidelines say 24 months......

The sound theory behind this is that anyone can go get a part time job for 3 months to buy a bigger house. But if you can sustain the hours for 24 months..... then you have proven to me that you can keep making the extra money down the road.

Examples: We get cops who work security after hours and have been doing so for years..... they get to use the income. And then we get the guy who just started working for his cousin part time(moon lighting) and wants to use that? Think about it.

Does that make sense?

[Anonymous]

Just my 2 cents... when we applied for preapproval, we were told we could only use dh's part time income if it was over 2 years.  DH had been in paramedic/fire school, and has been breaking into a very competetive field, where most people start out pt.  He now has 4 part time jobs, but we could only use 2 of them-- one VERY part time, and another that he started 18 months ago (they allowed even though not 24 months).  We could not use his primary income since it was only 8 months, or a brand new job, even with a letter from the employer. 

It was so frustrating because had dh NOT left his long-time restaurant job, we could have used that income, but of course, these were better career choices.  One lender who rejected us actually suggested that dh get a full time job at the local gas station, so we could include that income... and do what?  Leave one of the jobs he worked so hard to get, or work 100 hours a week instead of the 60 hours??? 

Anyway, it ended up working out for us eventually....

[DallasLoanGuy]

iwanna

that is kind of outside the box.... and open to interpretation.

thing is..... guidelines is 24 months, but sometimes things just make sense... like the guy who has 4 part time jobs only. He may get a little latitude.

I am surprised that the regular income was excluded. If you can document it as a promotion or extension of education or really sell it as the attainment of a goal after working part time in related fields, then it make sense.