Jan 28 2019 64088 1

Jan 28 2019 64088 1

Myth #1: Do I have to stay in the same job for 2 years in order to consider it stable as part of my qualification for a mortgage?

Answer: If you are a w2 employee you don’t have to be 2 years in the same job to qualify for a mortgage. If you moved to another company within 2 years is acceptable and you may continue to qualify. Maybe the reason was because of pay increase, closer to your house, etc. If you have moved more than 3 times per year, then that could be review case by case. Note: Watch out, because if you have heard this before, it could be an overlay from a particular mortgage company.


Myth #2: Part-time jobs – Do I need 2 years of part-time job in order to consider this source of income stable?


Answer: Watch out here! Part time job means that the employee is not in a full time shift. Regularly is a person who works less than 40 hours per week 15 to 35hrs as an example. You can be a regular employee of the company with all the benefits the employer offer and still be part time. If this is the only job you have, no problem you don’t have to be 2 years with that part time job to qualify. Yes, you will need a history record of employment of the last 2 years. (Don’t need to be with the same employer neither with part time experience).


When does FHA or FNMA require 2 years of work as a part time? When you have 2 jobs at the same time and you want to consider both income sources as part of the qualification. Let’s say your client has his primary job (full time and have been for 4 years) in addition to that job he accepted a part time job in order to make some savings for the down payment (he has been 5 months with the part time job). The part time job can’t be consider. FHA and FNMA requires 2 years working in 2 jobs at the same time in order to accept that second source of income as part of the qualification. (Guidelines attached for each investor)

Paula Rodriguez Headshot
Phone: 407-724-3318
Dated: January 28th 2019
Views: 85
About Paula: Born in California, raised in Florida and fluent in English and Spanish. I have watched as Davenport...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

The 1 Reason It Is Difficult To Find Your Dream Home - The #1 Reason It Is Difficult to
Four Tips For Selling Your Central Florida Home In A Hurry - Four Tips for Selling Your Central
Choosing Your First Home - Can I Afford the House I want?One

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

EXIT Realty Champions
7830 Lake Wilson Road
Davenport, FL