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Yearly income for pre approval

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bshockley1981
New Contributor

Yearly income for pre approval

Hey all, had a question. We’re planning on getting the process started late summer. I’m planning on getting a part time summer job to pay the last of my cc’s down to get to the AZEO that is a big help. The question is will a mortgage company use that part time income on top of my current income to help with lowering my debt to income? I know the elimination of cc’s will help but didn’t know if they factor income for this current year. Thanks in advance!
Message 1 of 3
2 REPLIES 2
Mortgage-Specialist
Established Contributor

Re: Yearly income for pre approval

Unfortunately your PT income will not be counted. Youre generally going to need to verify that youve had a PT job for 2 years for lenders to include but an exception can be made after 1 year
Message 2 of 3
bshockley1981
New Contributor

Re: Yearly income for pre approval

I kind of figured but wasn’t sure. Maybe I’ll just put the balance in savings and add to my down payment.
Message 3 of 3
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