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Can I Buy A Home When I Only Work Part-Time?

The simple answer is yes, you absolutely can. The money you earn from part-time employment can help you qualify for a mortgage loan, but that work must be steady and reliable. A rule of thumb is that you must have been in the job for at least two years for it to count. In addition to showing you’ve been working for two years, your lender will also want to know if you’re likely to keep working there. Ultimately, your mortgage lender wants to know how likely you'll be able to repay your loan. They need to know that it's very likely.


Your mortgage lender will also check your credit score and debt-to-income ratio (DTI). The lender will combine payments on your current debts, such as auto, credit cards, student, and personal loans. Then, it compares your total debts to your monthly income.


With a small amount of extra documentation, a lender can use part-time income to strengthen your mortgage application and help you qualify for a bigger loan.


Each circumstance is different, so contact us today to find out if your income will qualify for the loan.




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