I wanted to give you a little insight on how the mortgage world treats part time income.
An underwriter will want to see that you have a two year stream of this part time income before they give you credit for it.
…So, in other words if a loan officer tells you that you need more income – you can’t just run out and get a part time job to satisfy this need.
…You wouldn’t fulfill the 2 year work history on it.
The reason a loan officer would tell you that you need more income is your debt to income ratio is probably on the high side. …and, sometimes there are other ways to solve this problem. If you are in this situation give me a call or shoot me an email. I just might be able to help you out!
I hope you have a good day today. Thanks for reading!
That’s it for today.
Thanks for reading!
Brett
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