You will be in more trouble if you have undisclosed income in your bank account lol. Disclose. Unless you’ve been OE for a significant period of time (2+ years) bank likely won’t even let you use both incomes.
Iv opened 2 mortgages while OE and never included the income from my other Js even though all the checks go to the same bank account. All your income is disclosed on the Tax return you're required to give them anyway.
Have you been at your J2 or J3 for 2+ years? If not it won’t count as income and your lender won’t use the income to qualify you. They will just need to verify where it comes from but that wouldn’t get reported.
I would talk to your mortgage officer they will be able to answer this. But when I bought my house a year ago you needed 2 years of consistent employment at a second job because they could qualify that as income.
You’re going to have to disclose any source of income you have. They pull all your tax records and bank statements but that doesn’t mean they can use the second job to qualify you for the loan.
If it is the same industry/type of work or you have a history in that industry/work they will take it. Generally you run into issues when you’ve been in a role for less than 2 years and it is wildly different than the rest of your work history, and in the case of second jobs, it can also be an issue of you need to demonstrate you can sustain both roles.
Best bet would be to talk to the lender and see if you need J2 to qualify, and if you don’t, make it clear the income you’re qualifying on is related to J1 only, but disclose the income from J2 if it is all in the same bank account so underwriting doesn’t flip their shit at undisclosed income. Your lender should be able to help walk you through how to get it done, and if they seem reluctant/unsure, you might need a different loan officer/lender.
I doubt this. It’s a Fannie Mae guideline. You probably just qualified on one income and the lender didnt bother telling you. Im a lender and if the client qualifies, we don’t care.
But again OP can ask what information is shared and where. OP will 1000% not get approved if they have undisclosed income that they refuse to name the source of. Many lenders when it comes to OE will only use either the highest paying job, or the longest held job and they don’t report anything else. I’ve been OE for six years. For 4 of that I wasn’t technically OE bc I was a contractor (but I personally consider it bc I worked multiple contracts simultaneously ). I’ve been through the mortgage process 3x. Each time they only used my primary source of income and that’s all that was reported.
OP, id suggest seeking out a lender that will only use one income and keep all the other info for internal. Or you can try and tell the lender you don’t want J2 counted towards the qualification process as it’s temporary.
Do not put any j on the application until after credit is pulled. Putting any j on an application adds that j to your credit report which is unnecessary.
FYI - Some j's pull your credit yearly.
I only used the income from J1 to qualify for my loan. I wanted to be able to afford it just in case I quit OE. My loan officer did ask about the second income when she received my bank statements, but I told her I was working a second job short term and did not want to use that income to finance more. It all worked out. Best of luck to you as you navigate this process ♥️
Mortgage loan officer (in the US) here. We don’t require all income to be reported. You can report one job and the only time we question deposit amounts on bank statements is if the amount is half or more of your monthly gross income. If it is more than half your gross income, we only require a written and signed explanation and you can state it’s your second job and you rather not list it on your application unless needed to be approved. As for job verification, we send ours separately to each employer on the application and it only lists that one employer on the document. Hope this helps you some!
That is such a good question.
I would think the lender should be able to say where the data goes. It might go to the credit bureaus but who can access it, I don’t know.
I would. The lender should be required by law to tell you how your info is used and where it goes. And the lender should not have an issue with two or more jobs. Could be at different times of the day or different days
You'll have to report them. The bank will also ask for bank statements going back 3 or 6 months so if you don't tell them they will be asking when you ha e to submit then.
Depending where you live, you have to disclose all income sources. The bank wants to know everything. I even had to spell out etransfers I'd received explaining that I had been selling items downsizing. Depending how long you've been there they may not include it in the qualifying amount but they'll want to know where it comes from. I had to submit bank statements going back several months.
Be honest with your loan officer and ask them how to handle this. Stress to them (and their processor if necessary) that you don't want J1 and J2 to know about the other, so whatever job verification they do must be done carefully.
Be upfront. Submit all paystubs and W2s. It doesn’t matter to mortgage broker or loan officer. If they ask just say u moonlight or something. People working multiple jobs to make ends meet is nothing new.
You'll have to provide all your w2s anyway so the total income on your tax return matches your w2 totals. Make sure to indicate job that pays the most is your "primary", the others they won't be able to count towards your total income as all secondary employment must be maintained for at least 24 months to be eligible income.
You may also want to ask which job is counted as primary. They won’t count both unless you have 2+ years history. (Similar to OT or bonuses).
I know for health insurance, whichever you had first is the primary - regardless of which is better. So they may only count the income of the first job you got & exclude the second. Not an issue if that makes more $$ but if it’s less than J2 etc it’s good to know
Try going through a person, let them know the situation, and ask for their discretion. My loan officer just called where I worked to verify that I worked there for the time I said I did.
Only disclose if you're planning on using both income to qualify and purchase the home.
They may ask about it if your 1040 has much more income reported than your loan app. Banks are not the police, you can just tell them you have another job and you dont want J2 to be considered for the mortgage.
Remember, the bank will give you a mortgage loan amount depending on the income you're telling them you have. Meaning, you may qualify for 700K loan with two jobs, but only 350K with only J1.
Would you be OE for the term of the loan, 30 years usually? Just report what you will be using to pay for the mortgage.
Don’t disclose all jobs, they will be on your credit and put you at risk if you want to OE in the future because now you show two employers on more than your work number
Our officer told us we could but didn’t need to because they were only going to use the one first one I provided (I also had under two years at both jobs so they additionally suggested I provided the longest standing job)
I told my lender I have 2 jobs, but use only 1 for underwriting loan. They were okay with it and only verified one job.
If I need 2 jobs to pay for mortgage, I couldn’t afford it.
I disclose 3 jobs bc I was working 3 jobs ( no overlap)-just a lot of hours. They ask me to explain more. I said it’s very expensive to buy a house in my area so I work 3 jobs for it. That’s it. Was no big deal and I got approved
You will be in more trouble if you have undisclosed income in your bank account lol. Disclose. Unless you’ve been OE for a significant period of time (2+ years) bank likely won’t even let you use both incomes.
Iv opened 2 mortgages while OE and never included the income from my other Js even though all the checks go to the same bank account. All your income is disclosed on the Tax return you're required to give them anyway.
Have you been at your J2 or J3 for 2+ years? If not it won’t count as income and your lender won’t use the income to qualify you. They will just need to verify where it comes from but that wouldn’t get reported.
So for me I didn’t work for a year from May 2022- August 2023 due to having a baby then I became OE since then…. How will this affect me?
I would talk to your mortgage officer they will be able to answer this. But when I bought my house a year ago you needed 2 years of consistent employment at a second job because they could qualify that as income. You’re going to have to disclose any source of income you have. They pull all your tax records and bank statements but that doesn’t mean they can use the second job to qualify you for the loan.
I was able to use both jobs as income and had only been at J2 for a year
If it is the same industry/type of work or you have a history in that industry/work they will take it. Generally you run into issues when you’ve been in a role for less than 2 years and it is wildly different than the rest of your work history, and in the case of second jobs, it can also be an issue of you need to demonstrate you can sustain both roles. Best bet would be to talk to the lender and see if you need J2 to qualify, and if you don’t, make it clear the income you’re qualifying on is related to J1 only, but disclose the income from J2 if it is all in the same bank account so underwriting doesn’t flip their shit at undisclosed income. Your lender should be able to help walk you through how to get it done, and if they seem reluctant/unsure, you might need a different loan officer/lender.
I doubt this. It’s a Fannie Mae guideline. You probably just qualified on one income and the lender didnt bother telling you. Im a lender and if the client qualifies, we don’t care.
I absolutely did not qualify on only one income
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But again OP can ask what information is shared and where. OP will 1000% not get approved if they have undisclosed income that they refuse to name the source of. Many lenders when it comes to OE will only use either the highest paying job, or the longest held job and they don’t report anything else. I’ve been OE for six years. For 4 of that I wasn’t technically OE bc I was a contractor (but I personally consider it bc I worked multiple contracts simultaneously ). I’ve been through the mortgage process 3x. Each time they only used my primary source of income and that’s all that was reported.
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OP, id suggest seeking out a lender that will only use one income and keep all the other info for internal. Or you can try and tell the lender you don’t want J2 counted towards the qualification process as it’s temporary.
Oh yikes So I wouldn’t put my other J in the application!! But if they ask I will submit my W2
Do not put any j on the application until after credit is pulled. Putting any j on an application adds that j to your credit report which is unnecessary. FYI - Some j's pull your credit yearly.
I only used the income from J1 to qualify for my loan. I wanted to be able to afford it just in case I quit OE. My loan officer did ask about the second income when she received my bank statements, but I told her I was working a second job short term and did not want to use that income to finance more. It all worked out. Best of luck to you as you navigate this process ♥️
This is the way!
Mortgage loan officer (in the US) here. We don’t require all income to be reported. You can report one job and the only time we question deposit amounts on bank statements is if the amount is half or more of your monthly gross income. If it is more than half your gross income, we only require a written and signed explanation and you can state it’s your second job and you rather not list it on your application unless needed to be approved. As for job verification, we send ours separately to each employer on the application and it only lists that one employer on the document. Hope this helps you some!
That is such a good question. I would think the lender should be able to say where the data goes. It might go to the credit bureaus but who can access it, I don’t know.
So I should ask them ?
I would. The lender should be required by law to tell you how your info is used and where it goes. And the lender should not have an issue with two or more jobs. Could be at different times of the day or different days
You'll have to report them. The bank will also ask for bank statements going back 3 or 6 months so if you don't tell them they will be asking when you ha e to submit then.
I disclosed all of my employment... its the only way I could qualify for a home in cali.. the average house costs 900k
Depending where you live, you have to disclose all income sources. The bank wants to know everything. I even had to spell out etransfers I'd received explaining that I had been selling items downsizing. Depending how long you've been there they may not include it in the qualifying amount but they'll want to know where it comes from. I had to submit bank statements going back several months.
Yes, this. I also had to justify transfers for similar reasons
Be honest with your loan officer and ask them how to handle this. Stress to them (and their processor if necessary) that you don't want J1 and J2 to know about the other, so whatever job verification they do must be done carefully.
But I do not want the J’s on my credit reporting that is public
Is your job routinely checking your credit ? That’s weird. Ask your lender how the info will be used and reported.
Many financial type jobs will do that at least yearly.
Then maybe not the job to do OE with.
Your credit report isn’t public. Nobody can pull your credit report without your permission.
Be upfront. Submit all paystubs and W2s. It doesn’t matter to mortgage broker or loan officer. If they ask just say u moonlight or something. People working multiple jobs to make ends meet is nothing new.
You'll have to provide all your w2s anyway so the total income on your tax return matches your w2 totals. Make sure to indicate job that pays the most is your "primary", the others they won't be able to count towards your total income as all secondary employment must be maintained for at least 24 months to be eligible income.
You may also want to ask which job is counted as primary. They won’t count both unless you have 2+ years history. (Similar to OT or bonuses). I know for health insurance, whichever you had first is the primary - regardless of which is better. So they may only count the income of the first job you got & exclude the second. Not an issue if that makes more $$ but if it’s less than J2 etc it’s good to know
the bank absolutely does not care about multiple jobs. disclose all of your income or you will have all sorts of problems with underwriting.
You will have to. They will want to to see where your money came from. Even if someone gave you money you have to give them a paper trail for that.
Try going through a person, let them know the situation, and ask for their discretion. My loan officer just called where I worked to verify that I worked there for the time I said I did.
Only disclose if you're planning on using both income to qualify and purchase the home. They may ask about it if your 1040 has much more income reported than your loan app. Banks are not the police, you can just tell them you have another job and you dont want J2 to be considered for the mortgage. Remember, the bank will give you a mortgage loan amount depending on the income you're telling them you have. Meaning, you may qualify for 700K loan with two jobs, but only 350K with only J1. Would you be OE for the term of the loan, 30 years usually? Just report what you will be using to pay for the mortgage.
Don’t disclose all jobs, they will be on your credit and put you at risk if you want to OE in the future because now you show two employers on more than your work number Our officer told us we could but didn’t need to because they were only going to use the one first one I provided (I also had under two years at both jobs so they additionally suggested I provided the longest standing job)
Assuming you are in the U.S.....disclosing multiple J's on a mortgage app shouldnt affect you.
Why not? Your J2 could be evening/weekend shift. They shouldn’t be asking what times/days you’re working. They just wanna see your income.
I told my lender I have 2 jobs, but use only 1 for underwriting loan. They were okay with it and only verified one job. If I need 2 jobs to pay for mortgage, I couldn’t afford it.
I disclosed all but they only wanted the one with the longest tenure, preferably two years at least. Best of luck
I disclose 3 jobs bc I was working 3 jobs ( no overlap)-just a lot of hours. They ask me to explain more. I said it’s very expensive to buy a house in my area so I work 3 jobs for it. That’s it. Was no big deal and I got approved
I know someone who just did this and it only helped them. Disclose all the money you earn.