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.
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!
Realtor North/NE Suburbs
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!
Minnesota Mortgage Mom -http://www.sherrisherpy.com/
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!!