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Nowadays, it seems like everybody has a job, from a mother to his 18-year old son. Having a steady income seems to be the top priority in everybody´s minds. There used to be a time when lenders did not allow people with full time or part time jobs to apply for a mortgage. However, the rules are changing, and being qualified for a mortgage does not depend in whether you have a job or not. The rules regarding this issue are very clear; you will only need to fill up some extra forms if you want to apply for a mortgage.
Part-time jobs
The most common thing right now is to have a part time job; there are people who even have two. These people should not worry about eligibility; they can have the mortgage they want if they have the proper background. Lenders will need to check the person´s work history in order for them to know that your job is stable and therefore that you will be able to carry the monthly payment burden.
As we stated before, the rules are very clear. Regarding the issue of having a job (both part-time and full-time), you must have a two year period working in order for the lenders to be sure that the payment will go through.
Are you working too hard?
This is what lenders may ask themselves whenever they check that the applicant has two part-time jobs. The problem is that it may seem that you have what is called an unsustainable work load. This means that you are likely to either quit a job because you cannot handle it or lose the job. Lenders do not seek for the biggest wallet, but for the one that is able to keep a steady payment in the established mortgage period, which normally lasts longer than a year. They keep in consideration that you will have other expenses besides the mortgage payment, and if you lose a job, they know you will be likely not to fulfill the payment.
Lenders will check if your job is related with your studies or if you have had any previous experience in similar work areas. As you may have noticed, this process relies a lot on the lenders´ decision, so if you notice that they feel insecure about your stability, you should talk to them to relieve their doubts regarding your job.
The rules can be changed
If you do not have that 2-year experience in your job but still feel like you will be apt to qualify for a mortgage, then you must keep your hopes up and still go for it. Even though the established rules say that you must have that experience, but regardless of that, the lenders need confidence that they are getting their money back. Therefore, you should express that your income is definitely not going to disappear. Show them your confidence in your earnings and the lenders will fall for you.
Posted by Randy Blakeslee
Part-time jobs
The most common thing right now is to have a part time job; there are people who even have two. These people should not worry about eligibility; they can have the mortgage they want if they have the proper background. Lenders will need to check the person´s work history in order for them to know that your job is stable and therefore that you will be able to carry the monthly payment burden.
As we stated before, the rules are very clear. Regarding the issue of having a job (both part-time and full-time), you must have a two year period working in order for the lenders to be sure that the payment will go through.
Are you working too hard?
This is what lenders may ask themselves whenever they check that the applicant has two part-time jobs. The problem is that it may seem that you have what is called an unsustainable work load. This means that you are likely to either quit a job because you cannot handle it or lose the job. Lenders do not seek for the biggest wallet, but for the one that is able to keep a steady payment in the established mortgage period, which normally lasts longer than a year. They keep in consideration that you will have other expenses besides the mortgage payment, and if you lose a job, they know you will be likely not to fulfill the payment.
Lenders will check if your job is related with your studies or if you have had any previous experience in similar work areas. As you may have noticed, this process relies a lot on the lenders´ decision, so if you notice that they feel insecure about your stability, you should talk to them to relieve their doubts regarding your job.
The rules can be changed
If you do not have that 2-year experience in your job but still feel like you will be apt to qualify for a mortgage, then you must keep your hopes up and still go for it. Even though the established rules say that you must have that experience, but regardless of that, the lenders need confidence that they are getting their money back. Therefore, you should express that your income is definitely not going to disappear. Show them your confidence in your earnings and the lenders will fall for you.
Posted by Randy Blakeslee
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