Which Income: Full Time or Part-Time ?

[Oyiwaa]

I am in the mortage market, and need to clarify some questions about the income documentation required. 

My total yearly income is as follows:

Full Time Teaching Job: $68,000  [For the past 7 years]

Part-time Teaching (extra classes - all year - same college):  $36,000  [For the past 1 year]

Contract Job (1099s) - varies yearly:  $10,000 / Year  [For the past 2 years] 

Now, my loan officer is asking me to get an employment contract showing the extra pay for the extra (part-time) classes.  I am unable to get this since part-time work is optional and not written into my contract.  So will this income be disregarded?

How about the 1099 contract work - it varies, but it has been stable over the past two to three years.

Cheers, Oy

[BrianB_The_Loan_Professor]

The full time is not an issue but any part time work needs two years history to be counted

The part time is not old enough but the 1099 should be ok as long as you can document it through your taxes

Good Luck 

Brian

[Oyiwaa]

Sure - I realize it.  But  one thing I forgot to mention though is that I have been doing the extra teaching since 2011, but the amount varies -- the earnings from teaching were $5K in 2011; $10K in 2012 and $36K in 2013.  Will this still satisfy the 2year requirement?

[BrianB_The_Loan_Professor]

If you have been doing the work  and counting it on your taxes you should be able to use a two year average of the part time work - so long at it has always been for the same employer.

[Oyiwaa]

Thanks - I do report it in my taxes, and it is the same college I teach for. Our HR department just informed me they use InVerify and that can show all the employment detials.  With that I can then use the average of the 2012 & 2013 extra income then?

thanks very much - Oy

[BrianB_The_Loan_Professor]

I dont see why not - it should be considered usable income.

Brian

[Oyiwaa]

thanks, it sure is - Oy

[Anonymous]

I had the same problem with many LO telling me I could not use my part time job because I wasn't there for two years, but they did not spend enough time to go through my file thoroughly or they don't know the full length of the rules. I spoke to a LO Michael McCollum and he was very knowledgeable about my type of file and everything went through without a glitch.