Did you know FHA will allow use of Part-Time Employment towards Qualifying Income if…
FHA Part-Time Income Rules Allow You to Unlock Your Homeownership Dreams.
You’re in for some great news! FHA (Federal Housing Administration) has guidelines that could be your saving grace in the journey to homeownership. This FHA Rule allows the use of part-time employment income to help you qualify for a home or increase your purchase power.
Understanding the FHA Guideline:
FHA understands that many Americans rely on part-time jobs for their income. That’s why they’ve put in place a guideline that allows you to include part-time employment income when applying for a mortgage, but under certain conditions. To take advantage of this, two key conditions need to be met:
- Two Years of Uninterrupted Part-Time Work: You must have a solid two-year history of continuous part-time employment. This means that if you’ve been steadily working part-time for two years or more, you can use this income to qualify for a mortgage.
- Likelihood of Continuation: Your current part-time position should also show a reasonable likelihood of continuing into the future. Lenders want to see that your part-time job isn’t just a temporary gig but a consistent source of income. The lender can verify this by obtaining a verification of employment from your employer’s human resources department.
How This Guideline Benefits You:
This guideline opens up a world of opportunities for aspiring homeowners:
- Qualification for a Mortgage: If you’ve been working part-time for at least two years and your position is stable, you can now include your part-time income when calculating your mortgage eligibility. This extra income could make a significant difference in whether you qualify for the loan.
- Increase Your Purchase Power: More income means more purchasing power. Including your part-time income may allow you to qualify for a larger loan, increasing your options when searching for your dream home.
***This guidance also includes income from a second Full Time position.
Don’t let your part-time income hold you back from homeownership. Explore this FHA guideline, and if it fits your situation, start the journey towards becoming a homeowner.
- Connect with a Mortgage Advisor: Reach out to a seasoned mortgage loan advisor with extensive industry experience and knowledge of the Fannie Mae, Freddie Mac and FHA Guidelines. They can guide you and help you determine your eligibility.
- Plan for Your Home Purchase: With the potential for increased purchase power, start planning for your future home. Research neighborhoods, set a budget, and get ready to make your homeownership dreams a reality.
Remember, FHA guidelines are here to support you on your path to homeownership. If you have two years of uninterrupted part-time work and a stable job outlook, you may have the key to unlock your dream home. Don’t miss out on this opportunity – connect with me today and take the first step towards owning your own piece of the American dream.
Would you like to explore your homebuying options with FHA part-time income in mind, schedule a free consultation here: www.calendly.com/cherylemortgages.
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