Loan Qualification Employment History

2 Replies

Can I qualify for a conventional loan, or an FHA with an income of $30,000, I have been employed with my employer for 2+years, looking for a lender in CA. I have read numerous articles and forums regarding the income issue. I have 0% DTI and great credit. College student. My main question is; I have read numerous articles say that if you get a second job, it won’t help lenders give you a loan because you have to be employed by both for at-least 2years to have them consider two incomes from both jobs, and must provide 2 years worth of tax returns. I have held the one job for 2 years while going to college, now would like a small mortgage for $270,000. Would I qualify, is there any way to go around the providing two years worth of tax returns. If I have two full time jobs, can I get a loan with maybe a month’s pay-stub with the new job. Will the lenders believe me? I can hold two jobs?
Thank you.

Arthur Voskanyan

Hi @Arthur Voskanyan - The benefit of an FHA loan is that it allows for higher DTI, lower credit score, and lower down payment. If you have 20% down, no current debt, and great credit, there's little value in an FHA loan for you. Go conventional.

College/education does count towards your employment time, so if you had a job while in school, graduated, and now replaced school with a 2nd job, yes both incomes would be allowed for qualifying income.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here