Mortgage With Second Job Income
Income from a second or part-time job can count toward a home loan. Fannie Mae and FHA look for two years of history, and Fannie Mae can accept 12 months.
What you need to qualify
Each item below is a requirement of Fannie Mae, FHA, or at least one other program we offer.
- A history for each job, with two years recommended on a Fannie Mae loan.
- At least 12 months of the income if the history is shorter, with strengths that offset it.
- On FHA, two years at the part-time job without a break.
- Income that is reasonably likely to continue.
- On a Fannie Mae loan with more than one employer, no gap longer than one month in the last 12 months, unless the work is seasonal.
- On at least one jumbo program, two years at the part-time job without a break.
Two jobs can count
12 months can work
FHA averages two years
Seasonal work counts
Raises can count
Jumbo rules too
Can A Second Job Help You Qualify
Yes. A steady second or part-time job can add to your qualifying income when it has enough history.
On a Fannie Mae loan, a two-year history for each income source is recommended, but income received for a shorter time, no less than 12 months, can be acceptable when positive factors offset the shorter history. Each type of income must meet its own rules.
FHA treats a job that is not your main job, usually under 40 hours a week, as part-time. You need two years at it without a break, and the income is averaged over those two years. For bonus and overtime pay, see our bonus and commission income page.
Seasonal work counts on FHA after two years in the same line of work, when you are likely to be rehired. At least one VA program uses the same two-year, uninterrupted rule for part-time jobs.
Why choose Saxton for a mortgage with second job income
For borrowers with more than one paycheck who want every steady job counted.
Two Jobs Can Count
Income from a second job can be used to qualify when it meets the history rules for its income type.
12 Months Can Work
On a Fannie Mae loan, two years is recommended, but no less than 12 months can be acceptable when the rest of your file offsets the shorter history.
FHA Averages Two Years
FHA counts part-time income after two years at the job without a break, averaged over the previous two years.
Raises Can Count
On FHA, a documented raise lets the lender use a 12-month average of your hours at the new pay rate.
Seasonal Work Counts
On FHA, seasonal income counts after two years in the same line of work when you are likely to be rehired. Fannie Mae requires a two-year history for seasonal income.
Jumbo Rules Too
At least one jumbo program counts part-time income when you have worked the job without a break for the past two years and plan to continue. Part-time income that misses those rules is not used.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about using a second job to qualify.
Yes, when it has enough history and is likely to continue. The rules depend on the loan type.
On a Fannie Mae loan, two years is recommended and no less than 12 months can work with offsetting strengths. FHA needs two years without a break.
On FHA, it is averaged over the previous two years. A documented raise can allow a 12-month average of hours at the new rate.
Yes. FHA needs two years in the same line of work with a likely rehire, and Fannie Mae needs a two-year history.
On a Fannie Mae loan, borrowers who change jobs often but earn consistent and predictable income are considered to have a reliable flow of income.
On at least one jumbo program, yes, when you have worked the job without a break for the past two years and plan to continue.
On a manually underwritten FHA loan, extra part-time income received for at least one year and likely to continue can support your file as a compensating factor alongside another one, but it is not added to your qualifying income.
Find out what you qualify for
Tell us about each job you work and how long you have worked it, and we will show you how much of your income can count.
Get Pre-QualifiedLoan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.