DTI Type Question

[Anonymous]

Playing around with ideas here. One of my 2018 goals is to get a new truck and open a Heloc. I am wondering if I were to get a part-time permenant job in addition to my full-time job I currently have if banks would consider that part-time job as additional income or if there are some type of factors to take into consideration.

Cheers

[Anonymous]

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@Anonymous wrote:

Playing around with ideas here. One of my 2018 goals is to get a new truck and open a Heloc. I am wondering if I were to get a part-time permenant job in addition to my full-time job I currently have if banks would consider that part-time job as additional income or if there are some type of factors to take into consideration.

Cheers

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Absolutely.

[Anonymous]

I was worried they wouldn't if I didn't have the part-time job for more then a year or something. 

[Anonymous]

As long as you have solid employment history you're good. As for the part-time job, make sure you have at least two months of pay stubs if POI is required. If you can prove the income you can use the income.

[Anonymous]

I've worked for mortgage companies for 6.5 years now. The stipulation for secondary employment has always been that the borrower needs to have held a second job for at least 2 years, or 24 months, to count any type of secondary employment income into the DTI. I'm not sure what banks require, but just thought I'd give you some input coming from the mortgage side.

[Anonymous]

I know subprime banks will not allow secondary income to be counted for auto financing if the applicant has been there less than 6-12month's depending on the lender. However, in prime financing typically as long as you've been there a few month's they will allow you to count the income. As for a HELOC I am not sure so someone else will have to answer that.