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Old 05-11-2008, 07:07 AM
 
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If you work part time, but that part time employment places over the maximum income to qualify for a homeownership program are you required to use the part time employment as part of your gross income? This would be assuming a person has been employed part time for over 2 years.
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Old 05-11-2008, 10:28 AM
 
Location: Charlotte, North Carolina
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conventional loans will require 2yrs of part time employment same job.
FHA may just allow 12months
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Old 05-11-2008, 11:07 AM
 
943 posts, read 4,246,937 times
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Quote:
Originally Posted by renriq02 View Post
conventional loans will require 2yrs of part time employment same job.
FHA may just allow 12months
I don't think you understod my question. I was asking if you had the option to not count the part time employmet as salary.
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Old 05-11-2008, 01:19 PM
 
Location: NC
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what is the particular homeownership program you speak of?
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Old 05-11-2008, 06:00 PM
 
943 posts, read 4,246,937 times
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Originally Posted by ChipL View Post
what is the particular homeownership program you speak of?
I'm just asking in general. I know a lot of them have maximum income requirements. I want to get a second job (not because I desperately need one mainly because I think I can handle the extra work load so why not), but not at the expense of disqualifying me from first time homeowner assistance programs.
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Old 05-11-2008, 06:41 PM
 
Location: NC
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Actually, very FEW have maximum income requirements. My Community programs do, but that is waived if in an "underserved area". Rural Development lending also does and then maybe some state-sponsored lending programs. But the majority of loans being done now are Fannie and FHA, where too little income is the problem.

Get your 2nd job to take care of what you need and don't worry about making too much. There are still a number of great lending programs out there for you.
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Old 05-12-2008, 09:01 AM
 
5,339 posts, read 14,078,089 times
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Quote:
Originally Posted by ogplife View Post
If you work part time, but that part time employment places over the maximum income to qualify for a homeownership program are you required to use the part time employment as part of your gross income? This would be assuming a person has been employed part time for over 2 years.
If you are looking to use a 1st time homebuyer bond program with income limits, yes they will count all your income to see if you are under the max. income even if the income cannot be used in qualifying for the laon.
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