How to Qualify For a Second Mortgage As a Part Time Worker

• July 20, 2017

One of the key factors lenders use to qualify applicants for a second mortgage, is proof of a stable source of income. This is to reassure them that you will be in a position to meet your repayment obligations of both the first and second mortgages.

However, there is a misconception that if you are not in a position to show proof of a regular source of income, like in the case of part time workers, then accessing such facilities may not be possible. But this is not entirely true.

It should be understood that it is possible to have a part time job as the sole income source and also, it is possible to have a part time job in addition to another main job, like the case of those who take on side gigs to supplement their incomes. In this piece, the focus is on individuals with part time jobs, and sporadic, unpredictable income.

You know that most second mortgage lenders will want to see a stable employment history of at least two years, and this is why it could be a little bit of a challenge for part time workers.

But you should know that when you are applying for a mortgage and you have a single part time income stream, most lenders will not treat you like the fully employed applicants with stable sources of income You will have the benefit of facing less restrictive guidelines, and you may not have to provide a full history of employment as the other applicants.

Most of the time, lenders will be interested in seeing that the income you are getting from part time gigs is stable and is likely to continue. However, each lender will have their own qualifying criteria for such applicants and so you should begin by confirming whether your income and its regularity is sufficient to get you qualified.