Will my second job income be considered?
Secondary employment or also known as multiple-job income is generally considered stable income for qualifying use when received and documented for the last two-years. There is some flexibility of accepting less than a two-year history, but no less than a 12-month history for a borrower if there is a strong likelihood that the borrower will continue to receive that income and there are positive factors to offset the shorter income history
It should be determined if there has been any recent change in the borrower’s overall employment status that might jeopardize the continuance the second job income. For example, a review of borrower’s historic ability to handle multiple jobs on a continuing basis.
As a general rule there can be no gap in employment beyond one-month in the most recent 12-month period, and the stability of this income; length of time and consistency of income earned monthly will be verified.
- Why Update A Pre-Approval Letter?
- How do I update an expired pre-approval letter?
- I am retired and my income is from pension or social security. What will I need to provide?
- What if my credit score is too low?
- How do I dispute an item on my credit report?
- Will the inquiry about my credit affect my credit score?
- What is a credit score and how does it affect my application?
- What if my homeowner’s insurance is up for renewal?
- How do I complete the application if I was in school before obtaining my current job?
- Can I use my new job to qualify for a loan if I haven’t started it yet?
- How will rental income be verified?
- I have income from dividends and/or interest. What documents will I need to provide?
- Do I have to provide information about my child support, alimony or separate maintenance income?
- What happens after I apply?
- How will you verify income on a self-employed applicant?
- Will my overtime, commission, or bonus income be considered when evaluating my application?
- I have student loans that aren’t in repayment yet. Will those be counted in my debt to income ratio?
- What debt do you include in my debt to income ratio?
- Why do you need information about other properties I own?
- Is a gift from someone else an acceptable source of my down payment?
- What will be required if I withdraw money from a 401(K) account for my down payment?
- What if I’m not sure about the property value, sales price or amount I want to borrow?
- What do I do if I can’t retrieve or print out the electronic disclosures, or have some other problem with them?
- What are some tips for completing the online application?
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- When will I hear from someone after my inquiry/application?