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Part-time income can only be used if seasoned for two years
Some home buyers have multiple part-time jobs and not a single full time job. A recent example is where a home buyer has three part-time jobs and can easily afford a home and its mortgage payment. Unfortunately, mortgage lenders cannot count part-time income unless the mortgage loan applicant has held that part-time job for at least two years and the likelihood of continued part time income is for the next three years. If a part time worker works at least 30 hours per week, it is considered full time. Any worker that works at least 30 hours per week and has been on the job working a minimum 30 hours per week for at least six months, it is considered full time job and that income and job can be used for mortgage qualification.

Part-time income can only be used if the part-time job holder had at least of 24 months working part-time and the income has been consistent. The part-time income likelihood to continue needs to be convinced by the mortgage loan underwriter. The mortgage underwriter needs to believe that the part-time income likelihood to continue for the next three years is likely and this question is often asked when the mortgage underwriter does a verification of employment. Here is an article on part-time income in mortgage loan qualification:



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