currently in the underwriting process of buying a home would getting a part time job affect my debt to income ratio?

Asked by TONY, Addison, TX Wed Mar 27, 2013

Have a FHA loan and underwiting for a home that I'm buying. They told me that debt to income ratio might be a concern. Im married and was wondering if I go back to my former employer and work part time have any affect or help at all? I worked at previous job for over 9 years and work sometimes in holiday season part time.

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T.E. & Naima…, Agent, Dallas, TX
Fri Mar 29, 2013
Time is not on your side. You probably don't even have a single paystub to show the lender. Ability to pay is based on a history, typically 2 years in the past and continuing for 3 years into the future.

A short-term job, unless you have done it in the past and have proof of that, won't really help you.

Some investors may entertain a gap in employment with a reasonable explanation, but in this case you don't even have the part-time job to claim you re-started it.
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John Juarez, Agent, Fremont, CA
Wed Mar 27, 2013
Since you are already in underwriting I am not sure how new employment would be counted. Since you already have a lender with whom you are working you should be asking your lender the question. Our opinions do not matter to the underwriter.
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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Mar 27, 2013
No. Part time income can only be considered if you have a current 2 year history of it - w-2's, paystubs, etc.
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Dixon Wong, Agent, Dallas, TX
Wed Mar 27, 2013
Hi Tony,

The chances are UW will not take into the part time job into consideration. You have to be at the position part time for at least a year before they can take it into consideration. Its the same reason that they wont look into bonuses and commission for many salary jobs.

Let me know if you need a different lenders opinion. I would be more than happy to email you my contacts.

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Donna Jeffer…, Mortgage Broker Or Lender, Carrollton, TX
Wed Mar 27, 2013
As a lender we would require that you have two full years of working both jobs before we could count they second job income. The reason behind this is to prevent people from doing that very thing, obtaining a second job to lower their debt to income ratio to qualify for a home loan. Also it takes stamina to maintain two jobs but after two years of working both it would show that you could maintain both.
It sounds like you have worked off and on with the second job which is helpful and we would use that as a compensating factor to help make the loan stronger but still would not be able to use the income.
Also, lenders do look at second jobs differently and you might find one that would allow some of the income from the second job under certain circumstances.
Another option might to obtain the second job and use the additional income to pay off a loan that isn’t revolving; this would help lower the DTI for you. Some lenders will allow for you to pay off a revolving account IF you also close the account. I would double check with your lender though before paying down or off any debt as they will know their particular guidelines.
Good luck!
Donna Jefferson
866-403-1426 ph
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Dan Moore, Agent, ARANSAS PASS, TX
Wed Mar 27, 2013
It would not hurt to get a second job, but bear in mind that lenders are looking for a 2 year history on which to base their decision. You will need to talk to the lender and see if they will consider the additional funds.
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Chuni Lu, Agent, Dallas, TX
Wed Mar 27, 2013
You should ask your mortgage lenders about this. They are the only ones who can give you a real answer.
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John Lyng, , Dallas, TX
Wed Mar 27, 2013

Its not a problem to get a part time job but most lenders will not use the income until you're there a year. However you could use the additional funds to reduce debts wbich would have an impact on the DTI.

John Lyng
Mortgage Counselor NMLS 280951
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Dallas Texas, Agent, Dallas, TN
Wed Mar 27, 2013
Sure is would increase your income TO POSSIBLY QUALIFY for a mortgage HOWEVER no professional can render an opinion we don't have your entire "stack of documents" Recommend refer with your mortgage broker all the concerns.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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