2 Part time jobs- less than 2 years employment- mortgage

[stan4]

Hi.
I don't have a good down payment or full time employment but I really like this dreamy, dreamy thing.
How can I get it before it goes away and I never ever ever get a chance to live my dream?

Besides the hurdles, you think this is a good idea on the face of it, op?

[KirQuinn]

Originally Posted by SmartMoney

How long have you been working - when did you get out of school. Yes, it's true, most lenders count school as time on the job. The problem is the two jobs. Statistics are against showing an individual working two jobs continuously. The lender wants to make certain you can endure the workload. This is why OT requires a track record.

Depending on how long you've been working, worse case is they will count income from one job and give you credit for time in school.

I have ten years history of working multiple part time jobs. Is that enough to prove I can endure the workload? I graduated end of May 2015 and started both of my part time jobs in July of 2015 after relocating from NY to VT.

[MrRational]

Originally Posted by KirQuinn

I graduated end of May 2015 and started both of my part time jobs in July of 2015...

Let's say that makes you 24 now...

I have ten years history of working multiple part time jobs.

Meaning since you were age 14?

Unless you've been fully self supporting I don't think ancient history comes into play.
The question is what you do with/since the degree.

Is that enough to prove I can endure the workload?

The workload (hours etc) isn't the issue.
It's the Annual Gross that matters most.
Beyond that it's the relative insecurity of part time and benefits cost YOU have to pay.

[KirQuinn]

I'm 27 and have been self supporting since i was 17. I work in the service industry. I have a business degree. I have only worked at local small owned businesses which I use as a learning experience and hope to open my own in the future. Buying a house would be my first step in building equity so i may get a larger business loan further down the road

[KirQuinn]

Originally Posted by stan4

Hi.
I don't have a good down payment or full time employment but I really like this dreamy, dreamy thing.
How can I get it before it goes away and I never ever ever get a chance to live my dream?

Besides the hurdles, you think this is a good idea on the face of it, op?

This isn't a dreamy dreamy thing...I don't have the larger 20% or more down payment for that type of loan. I do have money saved for a down payment ( many require 3.5% i'm looking at about 10) and I work 35-50 hours a week between the two jobs and make a lot more money than most people I know with one full time position. I have chosen to work 2 part time jobs because it is better for me not that i couldn't find full time employment. I am paying way more for rent right now than I would be for a mortgage . So yes i would rather be building equity than throwing my money down the drain. Nothing dreamy about that. Just trying to be smart about my money and it's not only about the house. If i wait till I hit the 2 year employment mark that means I'm also in my apartment for 2 years and will have to sign another year lease. I have already asked about a shorter lease it's not an option so there are a few reasons I am trying to get around the two year employment to start with the loan process a couple months early.I also already stated below that I did some research and should be able to the loan early. Waiting on confirmation but it only involved a little extra paperwork.

[dhanu86]

Similar situation here. I have a full time job and I'm trying to save 20% down for the price range home I want. I have bad credit, but a full time job... I wonder whose in a better position lol.