Buying a home with a part-time job is nothing new in Florida. Lenders are constantly easing lending requirements for mortgages every day. Homebuyers can discover that they qualify for more aggressive, new programs such as the HomeReady due to flexible guidelines and low current mortgage rates. Rules for part-time income are fairly straightforward with only a small amount of extra documentation. This allows applicants receiving a purchase loan in Florida to only work part-time while still receiving a mortgage home loan.
Part-Time Jobs Are A Popular Source For Receiving a Purchase Loan In Florida
Part-time work has been a popular source of income over the years for any worker in Florida and the United States. According to the Bureau of Labor Statistics, over 36 million Americans work less than 34 hours per week. Even only working these part-time hours, these workers may be closer to buying a home than they think. Lenders can accept income from part-time workers more often when they have a constant history of part-time work. Thus allowing an average part-time worker the opportunity to receive a purchase loan in Florida.
Qualifying For A Purchase Loan In Florida With A Second Part-Time Job
A worker with two jobs has fewer pieces of documentation to go submit, and a much better chance receiving a home loan than a sporadic, one-job worker. Time working on their jobs is specific factors to their purchase loan. Most lenders will need to see at least two years of job history before counting the second part-time job as mortgage credible income. So in saying that, before receiving a purchase loan in Florida, the lender will want to see that the applicant has worked two jobs simultaneously for two years.
An easy way to see this history is with W2’s from both employers. You will also want to gather the previous four paystubs from both employments, showing current earnings and income. Lenders will need to ensure that the applicant can maintain two jobs, while not taking unsustainable work in efforts to afford their new purchase loan. If the applicant has been working both jobs for two years, the lender will assume that the borrower is ready to receive a purchase loan in Florida.
Two Year Income Is Not Always The Necessity
The two-year income rule is not always the only way to receive a purchase loan in Florida. In a few cases, part-time income has been approved through flexible options. If you had only had your current part-time job for less than two years, you can still present your case to your lender, in trying to prove that your current employment is likely to continue into the future after receiving your purchase loan.
To help your case, you should bring a letter from your current employer detailing your value to the company, and that your position is stable.
Part-time work is not always usable, but in some cases you may find that you can still receive a purchase loan in Florida with only having a part-time job for less than two years. It is certainly worth asking your lender and finding out your options. Right now is a buyer’s marker compared to renters.
This may be the right time for you to buy your first home, even if you only currently have one part-time job. Today’s mortgage programs supplied by NSH Mortgage, such as the FHA and USDA home loans are set to help homebuyers that may have no qualified for other home loans, to have a chance at receiving a purchase loan in Florida.
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