Qualifying for a Mortgage on Part-Time Income

Today, it's more common than ever for individuals to make a living by working one or more part-time jobs instead of a traditional 9-to-5, 40-hour-a-week job. The Bureau of Labor Statistics states that over 32 million Americans work less than 34 hours a week – the commonly accepted cut-off for part-time employment. 

As you can see, part-time employment doesn’t always mean 10-20 hours a week. Often, it may mean working close to full-time hours and perhaps even earning full-time pay too! 

The good news is that if you make substantial income off one part-time job or work two or more part-time jobs and earn close to full-time income, you have just as high of a chance to get a mortgage as if you had a full-time job! CityWorth Mortgage is focused on getting you into your dream home with any qualifying income.   

No matter how many jobs you have or how many hours you work, lenders always begin with a review your work history and income. In short, yes, it is possible to qualify for a mortgage on work part-time alone. The primary qualifier is not how many hours you work, but rather on income and work history. 

Documentation Makes a Difference

Lenders ask for documentation of income and work history in all cases. Your CityWorth Mortgage banker will want to see that you've been at your part-time employment at least two years before it will count towards mortgage-qualifying income. 

We do this because we want to make sure that we base your loan application on an accurate picture of your income, not just a temporary bump in total household income from part-time work in addition to regular full-time employment. 

If it generates the income necessary to satisfy our requirements and your income is stable, we will receive your application the same was if you had full-time employment. 

Part-time work does not need to discount the dream of home ownership. If you work part-time – whether that’s one part-time job, several part-time jobs or part-time work in addition to full-time – home ownership is possible! 

Call us today to learn more about the application process and your loan options!

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.