Counting Multiple Job Incomes on a Mortgage Application

When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying for a mortgage.  However, that only works given a specific set of requirements.

If you have recently started a new job or are working multiple jobs, you may not be able to use the income from those jobs to qualify for a mortgage unless you have been working at those jobs for at least two years. Using income from multiple jobs on a mortgage application requires a borrower to show a history of working 2 or more jobs for at least 2 years. The reason for this is that lenders need to see a stable employment history and a consistent source of income before they can approve a mortgage application.

If you have recently started a new job after having a gap of employment of 6 months or more, the lender will require 2 years employment history before the 6-month gap. Lenders typically prefer to see a stable work history, and they may require that you have been working at your current job or jobs for at least two years before they will consider your income for mortgage qualification purposes.

It’s important to note that there are some exceptions to this rule. For example, if you have recently graduated from college and have started a new job in your field of study, some lenders may be willing to consider your income even if you haven’t been working for two years. Additionally, if you have a strong credit history and a large down payment, lenders may be more willing to overlook a short employment history.

Having multiple jobs or a new job may require additional documentation or information during the mortgage application process, especially if you have not been working at those jobs for at least two years. Lenders prefer to see a stable employment history and a consistent source of income before approving a mortgage application. However, there are exceptions to this rule, and it’s important to speak with a qualified mortgage professional to understand your options and to determine the best course of action for your specific situation.