Home Buying in Maple Grove>Question Details

Rose, Renter in Sartell, MN

I am a single mother considering a home purchase. I work 3 different jobs none them full time.

Asked by Rose, Sartell, MN Mon Mar 18, 2013

Would this be a problem in securing a home loan?

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Answers

7
That has to be a tough schedule to juggle, but doing so shouldn't count against you. When a lender considers income we look at a couple things: what's the history, and is it likely to continue.

If you can document having worked at multiple jobs for at least the past two years, preferably more, using all your present income to qualify is likely.
0 votes Thank Flag Link Tue Apr 16, 2013
Hello Rose. It would be a shame not to try to take advantage of the market place right now. The best thing to do is get you teamed up with a mortgage company and competent mortgage broker or loan officer and see if you can get approved. There are also a number of programs available that may work for you and your situation. It would be time and effort well spent. Let me know and I will be happy to suggest some names to you.
0 votes Thank Flag Link Tue Mar 19, 2013
I agree this could become problematic, but the only way to really know is work on getting pre-approved. The loan officer needs to go past their usual desktop UW and go farther to see if the employment will get shot down by UW or not.

Therefore I highly recommend you work with a correspondent lender that does in-house UW. It can be challenging for a consumer to find these lenders, but if you want a referral just contact me directly and I can get you started.

It really is best to know now if you can qualify for a home purchase or not right?

Hope to speak with you soon!

Chris Block
Realtor North/NE Suburbs
651-307-7663
chrisblock@thebridgerealty.com
0 votes Thank Flag Link Tue Mar 19, 2013
Hi Rose,

There are a couple of factors here that will determine "qualifying" income. The likelihood of continuance, as Gina referred to below is a pretty easy one to verify. However, stability of income can and will play a bigger role in your case. This is where the determination of how much of your income will be considered "qualifying".

In the mortgage application, one of those jobs will become your primary part-time employment. Most likely, the job that you have had the longest and/or the one you derive the highest percentage of your income from.

The other 2 jobs will be considered secondary part-time jobs. With these other 2, you will have had to worked at both for a minimum of 2 years. In other words, you have been employed at each one for at least 2 years. If not, this income will not be considered stable.

Now, FHA technically allows the use of part-time income received less than 2 years as long as the lender/underwriter justifies the use of it and is clearly documented in the loan file. The issue with that is with so many lender guideline overlays and restrictions, this can be a bit of a rocky path to go down. Just be sure that you are working with a loan officer who knows what they are doing. The last thing you need is a loan officer who is all to willing to throw out an "approval" only to find out that the DE (FHA) Underwriter will not accept your income.

Best wishes to you!
0 votes Thank Flag Link Tue Mar 19, 2013
Call Sherri Sherpy. She's a great mortgage professional that will go out of her way to help you get qualified and understand the best loan for you.

Minnesota Mortgage Mom -http://www.sherrisherpy.com/
Sherri Sherpy
612-363-1106
0 votes Thank Flag Link Tue Mar 19, 2013
Hi, Rose!
Well, good for you!! I purchased a home when i was a single mom, and I worked 2 different jobs at the time. I'm living proof that it can be done!!

The best things you can do:
1. Don't rush yourself, take your time so you can assimilate all of the information
2. Talk to a sensitive mortgage person. The one you choose to work with should be a partner in this process with you, a support.
3. Make sure you choose an equally sensitive real estate agent. Real estate transactions can be tricky, so, better to have an agent guiding you through. It costs you nothing out of pocket, so why not have a professional on your side!!

Good luck, Rose!!
0 votes Thank Flag Link Tue Mar 19, 2013
As long as your employers can verify your employment, hours worked and likelihood of continued employment, it should be OK. It's a great idea to speak to a mortgage loan officer and get a preapproval started so you know for sure! No cost and no obligation to get preapproved. If you would like a recommendation for mortgage loan officers, I would be happy to send you some great people. Good luck!
0 votes Thank Flag Link Tue Mar 19, 2013
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