Will I Qualify for a Mortgage on Part-Time Income Alone?
I only work part time but want to buy a home – will I qualify for a mortgage on part time income alone?
In today’s economy, many people make their income by working one or more part-time jobs versus a traditional full-time 9-5 job. While there are some assumptions made that people working part time are mostly retired persons or college students, the reality is that according to the Bureau of Labor Statistics, more than 32 million Americans work an average of
Can you qualify for a mortgage on part time income alone?
Mortgage lenders will look at your work history and income, whether you have 1 full-time job or 2 part time jobs. So yes, you can qualify for a mortgage even if you only work part time. Of course, having a part time job is no guarantee that you will qualify for a mortgage, but working part time only in and of itself does not disqualify you for mortgage eligibility.
Documentation, documentation, documentation!
In the home buying process, lenders will need documentation of your income and work history, again, regardless of whether you work full or part time. If you work
If you only work one part time job, there may be no more additional documentation requirements made by your lender than if you worked a full-time job. If your part time job generates the income needed to satisfy the lender’s income requirements and the lender can determine that the income is stable and likely to continue, they can treat a part time employed applicant the same way they treat a full time employed applicant.
As you can see, if you are a part-time worker you don’t need to discount your dream of home ownership. Many part-time workers are closer to home ownership than they may think. If you work part time – whether that’s one part time job or a second part-time job on top of a part-time or full-time job – and you are interested in buying a home this year; call a professional, experienced mortgage lender today. You may have more options for home ownership than you think!
Did you qualify for a mortgage based on part time income only? If so, tell us about your experience in the comments below!