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.

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