Financing in Charlotte>Question Details

Yvonne, Home Buyer in Charlotte, NC

I've only been employed on my second job for 2 months, but I've worked in that field for over 12 years. Will I get a mortgage using that?

Asked by Yvonne, Charlotte, NC Sun Feb 28, 2010

income? qualify?

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Answers

14
the answer is no. even though you have been in the same line of work for 12 years, there is no established history of your working 2 jobs. sorry.
1 vote Thank Flag Link Sun Feb 28, 2010
You've gotten quite a few answers here.....most are correct in that you need a full two year history for part-time income in order to use it for qualifying purposes.

Good luck
0 votes Thank Flag Link Mon Mar 1, 2010
Yvonne

I misread your question earlier. If this is your 2nd job, you need a 2 year work history in order to qualify the income. Whether its in a field your experienced in doesn't matter. If its a contractual job that views you as a contractor, you'll also need 2 years of complete Federal tax returns with all schedules so your lender can average out your income over a 2 year period, minus any write offs. So, if this is the case, be conscious of the losses you declare since they will be substracted from your income. Again, sorry for the mix up.
0 votes Thank Flag Link Mon Mar 1, 2010
Yvonne

I misread your question earlier. If this is your 2nd job, you need a 2 year work history in order to qualify the income. Whether its in a field your experienced in doesn't matter. If its a contractual job that views you as a contractor, you'll also need 2 years of complete Federal tax returns with all schedules so your lender can average out your income over a 2 year period, minus any write offs. So, if this is the case, be conscious of the losses you declare since they will be substracted from your income. Again, sorry for the mix up.
0 votes Thank Flag Link Mon Mar 1, 2010
Greg is correct. If your second job hours are less than the first job, the lender will require a 2 year history of the second job. They want to make sure that it's not just a temporary thing until you buy the house and they need 2 years to average out the income. If you were self employed for 2 years prior and reported it to IRS, then went W2, you might get away with it.
0 votes Thank Flag Link Mon Mar 1, 2010
Yvonne

You're only required to have a minimum 2 year job history. Doesn't have to be at the same job or in the same line of work. So long as you meet the min 2 year requirement, you'll be fine.
0 votes Thank Flag Link Mon Mar 1, 2010
Hi Yvonne,

I agree with one of the other agent's remarks that as long as you are in the same field, a job change is not usually a problem. But, you do need to speak with a mortgage company to confirm this. It is so important to speak with a mortgage company before you start the home search. You need to know how much of a mortgage you qualify for and make sure you are comfortable with the estimated monthly payment. I have had several clients who decided to buy a lower-priced home because they wanted to spend their money on other items too.

I use several mortgage companies - here are a few:

Dan Boyett - Dover Mortgage - 704-608-9993
Liz Gupton - Wells Fargo - 704-617-4343

Either one of these folks will be happy to speak to you - there is no charge to speak to them so give them a call and they answer any of your mortgage-related questions!

Hope I helped! Please let me know if you have any further questons.
0 votes Thank Flag Link Sun Feb 28, 2010
Yvonne, it is best that you talk to a mortgage person so that he or she can review all of your details. I think it will depend on if you were unemployed for a period of time between the jobs as well as your credit score and your income to debt ratio. Deanna Valeo with Cunningham and Company is great at getting people loans that others can't . You can reach her at 704-366-7711 office or 704-488-1421 mobile. Be sure to tell her that I told you to call! When she says you are ready to buy a house, please contact me! If you are first time buyer and can qualify to purchase before June 30th, then you need to get a home under contract by April 30th to qualify for the tax credit of up to $8,000. A lot of people don't realize that $8,000 is a refundable credit which means you can actually get an $8,000 tax refund, meaning $8,000 cash in your pocket! Call Deanna tomorrow and let me know what she tells you!

April Crowder
Coldwell Banker United, Realtors
acrowder@coldwellbanker.com
Licensed in NC & SC
704-533-2220
0 votes Thank Flag Link Sun Feb 28, 2010
Typically, as long as you have a paper trail of a 2-year history of a 2nd job you can use this to qualify. 2-year history will require W2's and Tax Returns.

Hope that helps!

Sincerely,

Mike Smedley
Broker/REALTOR
M/R Smedley Realty, LLC
11035 Golf Links Drive, Box 78425
Charlotte, NC 28271
Mobile 704.340.3204
Office 888.819.0194
mike@mrsmedleyrealty.com
0 votes Thank Flag Link Sun Feb 28, 2010
Typically you need a 2 year history of working 2 jobs in order to use both income sources. Feel free to give me a call and I'll be happy to provide you details specific to you case. Exceptions can be made depending on your situation.

Thanks,

Michael Pond 704-517-2250 c
Primary Capital Advisors
0 votes Thank Flag Link Sun Feb 28, 2010
The best place to start is talking to a mortgage professional. I use Jason Bradley with Suntrust Mortgage. His email is Jason.Bradley@suntrust.com
0 votes Thank Flag Link Sun Feb 28, 2010
Only by doing an application will a loan officer be able to render an opinion. All the rules have changed on us. Let me know if you want a good one to talk to.
0 votes Thank Flag Link Sun Feb 28, 2010
Home Buyer,

In my experience, as long as a job is in the same field, it can be counted with as little as 30 days pay stubs. However, loan qualification depends on so many factors. I strongly recommend you talk to a mortgage loan officer. Most of my loan contacts work on the weekend and can tell you what you qualify for in minutes over the phone. E-mail and I will send you a list of contact and make sure they get in touch with you a.s.a.p.

Amy Gooden
Allen Tate Realtors
704-258-1459
Amy.Gooden@allentate.com
0 votes Thank Flag Link Sun Feb 28, 2010
Without knowing any details regarding financials--Why not contact any qualified loan officer(s) and see exactly what your budget can handle and check your credit score--yes, you should be able to providing w2's, etc--again your loan officer can best advise you.
0 votes Thank Flag Link Sun Feb 28, 2010
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