Can I Get a Mortgage With Only a Part-Time Job?
Getting a mortgage can be an intimidating prospect, particularly if you don’t have a full-time job. Luckily, banks and other lenders will consider part-time income when determining loan eligibility. Here are some points to keep in mind when getting a mortgage with a part-time job.
Document Your Income
When applying for a mortgage, you will need to document your part-time income. This means providing income statements such as pay stubs or IRS tax forms. It is important to keep this up-to-date and accurate as lenders will use this to decide your loan eligibility.
In addition to documenting your income, lenders will want to see that your income is stable. This could mean staying at one job for a certain period a time or having a steady increase in income over the years. When possible, lenders prefer to see income from the same job for a minimum of two years.
Explore Other Options
In addition to documenting your part-time income and demonstrating stability, you should also explore your other options. This may include looking into joint loan programs with another person with a full-time job, finding private lenders, or exploring government loan programs. Each of these can help increase your chances of being approved for a loan.
Consider Non-Traditional Income Sources
Finally, it is important to consider other sources of income when getting a mortgage with a part-time job. This could include income from investments, rental properties, tips, or side gigs. Any income you can demonstrate to the lender can help increase your chances of getting a loan.
In conclusion, applying for a mortgage with a part-time job is certainly possible. The key is to understand that lenders will need a lot of documentation and may require extra steps to get approved. With the right approach, however, you can get the loan you need.