Apothem - When it comes to getting a mortgage, ...
When it comes to getting a mortgage, are there any additional steps or gotchas to worry about when putting both Js down?
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For example, your J1 can make you 200k, but your j2/j3 collectively makes 200k.
it might not be feasible to put all 3 jobs on mortgage application for DTI, but it may be good to have J1 only, but you can provide a very high down payment, and when it comes time to source where the down payment came from (assuming it mostly came from your Job paychecks), you send them the pay stubs....
8 Replies
rare-sapphire•10mo ago
There's a question that goes with this before embarking on this journey:
Q. Do you want to use your job income to land a higher Debt to Income ratio (aka, higher purchase price)?
If the answer is yes, yes, it's totally fine, and you can land a higher purchase price.
But it's also totally fine to only list 1 job, but you can have multiple jobs pay stub sources to source your down payment, but the income won't be calculated towards debt to income.
Solution
rare-sapphire•10mo ago
For example, your J1 can make you 200k, but your j2/j3 collectively makes 200k.
it might not be feasible to put all 3 jobs on mortgage application for DTI, but it may be good to have J1 only, but you can provide a very high down payment, and when it comes time to source where the down payment came from (assuming it mostly came from your Job paychecks), you send them the pay stubs.
wise-white•10mo ago
Okay that makes sense, I think I'll try with J1 and if they need more, for whatever reason, I'll add the additional J2. I wasn't sure if there was some sort of negative outcome if I just listed one job on the mortgage app. Thanks!
sunny-green•10mo ago
isn't a negative reason that Js can show up on credit report
and if bgc pulls credit report, then companies can see ur Js
rare-sapphire•10mo ago
it can but you can mitigate that and freeze report
if it means you land a house
priorities lmao
foreign-sapphire•10mo ago
I think I might be like 1/10 people known on discord on this subject of getting amortgage doing OE and its a pretty simple rule
Jumbo Mortgage = Borrowing more than your conventional loan for your area -> Different underwritting rules, usually stricter
Conventional Mortgage (Fannie Mae ) = Underwritting rules states that in order to get a property you need to maintain 2 years of multiple source of income for all types of income to qualify. Other wise you can only use one.
From my own experience, I did a conventional mortgage with 1J, I only had 7-8 months of exp doing OE. The
What @totaldev said about the DTI is true tool, the more Js you apply the bigger the loan you can get.
In a couple of months (4-5) I will have officially done OE for 2 years consistently and im going to try to get another mortgage. Will update this thread then if I can get qualified.
metropolitan-bronze•10mo ago
The other side to using multiple jobs, is if you get down to 1j, can you still afford the mortgage.
Thats typically touted as a reason to only list 1J. Makes it safer to afford life if you budget off of 1J
adverse-sapphire•10mo ago
Most morgtgage lenders require you to have had the second job for 2 years before they consider it sustainable and will include it in your total income for DTI. I found one guy who only wanted 1 year but that was rare. All the major banks and places want 2y.
But yes - if you can maintain a 2nd and possibly 3rd job for 2+ years concurrently, you can use all 3 as your income. Whether or not you should do that is up to you (probably not 3, but maybe 2 nowadays with house prices) because OE could go up in smoke at any time.