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Part Time and 2nd Jobs Require Two Year History

We often get borrowers who can only get part-time jobs b/c of the weak economy. We also get borrowers with 2nd jobs to help make ends meet. A “part-time” job is typically one that requires fewer than 30 hours per week. A “2nd job” is simply a source of employment other than a person’s full-time career.

The “catch” with 2nd and part-time jobs is that lenders always require a two-year history before they will allow us to use the income from the jobs.

In contrast, full-time jobs often require only 30 days of history or up to six months (if a person was off work for a long period).

The main take-away here is that borrowers with part-time jobs or 2nd jobs cannot use those jobs to help qualify for financing until they have had the jobs for 2 years.

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646