True or false: Only people who have steady, nine-to-five employment are eligible for a mortgage.

You might be surprised to hear that the answer is false! If this comes as a shock to you, you’ve come to the right place. Today we’ll explain how we at MortgageDepot can help borrowers use part-time income to qualify for a mortgage.

Part-Time Income Counts!

Consider this scenario: You have a full-time job, and you are ready to make a real estate move. To qualify for a larger mortgage, you decide to take on a part-time gig. When it’s time to get in line for a loan, you realize that many lenders don’t allow borrowers to use their part-time employment income to qualify for a mortgage. You’re frustrated because you took that part-time job to improve your odds of scoring a mortgage to fund your real estate goals.

MortgageDepot understands your dilemma, and we know how to avoid it! If part-time employment is a part of your steady income stream, we make it count.

Using Part-Time Income To Qualify for a Mortgage

If you want to use part-time employment income to qualify for a mortgage, we can help. Here’s how:

  • We offer mortgage programs that consider the 12-month average of your part-time employment income.
  • The borrower must have received part-time employment income uninterrupted for the past two years.
  • The borrower’s current part-time position must be likely to continue based on a completed Verification of Employment.
  • If the borrower’s pay rate has increased, we will calculate the 12-month average at the current pay rate.

Contact MortgageDepot Today!

If you’re counting on your part-time employment to secure a mortgage, contact us at MortgageDepot today. We’ll help you determine if your income qualifies, and we’ll start you on a successful path to reach your real estate goals.

Contact one of our loan consultants to learn more.

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