There’s basically two categories of qualification when it comes to part-time income:
Qualification criteria for part-time income applicants with at least a 2 year tenure of part-time employment, and
Qualification criteria for part-time income applicants with less than a 2 year tenure of part-time employment
1. Part-Time Income with at least a 2 year tenure of part-time employment
If your part-time wage is guaranteed and does not fluctuate it is 100% eligible for mortgage qualification. The following verification documents are required:
recent pay stub
employment letter (stating your hire date, current wage, and a statement addressing your guaranteed hours)
in some instances, lenders will additionally require the most recent 2 years of one of the following; T4s, or Notice of Assessments
If your part-time employment is casual and the hours fluctuate, the qualifying income is determined by averaging your last two years of declared income. The following verification documents are required:
recent pay stub, and
employment letter, and
the most recent 2 years T4’s or Notice of Assessments (NOA)
if the income from the most recent T4 or NOA varies from the average of the 2 years by more than 20% you must use the lower of, or get Marko Gelo to use his wordly negotiating skills to seek an exception from the lender to use the 2 year average.
2. Part-Time Income with less than a 2 year tenure of part-time employment
This method is like an enhanced version of the aforementioned strategy. Depending on the current terms of your mortgage and how/when it was initially structured, you could potentially proceed as follows:
seek out the marketplace for the best possible rate and term,
reset your mortgage to a 25 year amortization, and
consolidate existing debt
Questions about part-time income? Call or text Marko Gelo directly at 604-800-9593 cell/text, or schedule a phone call in the future with Marko at your convenience.
Can I use Part-Time Income to qualify for a mortgage?
(November 13, 2022)
There’s basically two categories of qualification when it comes to part-time income:
Qualification criteria for part-time income applicants with at least a 2 year tenure of part-time employment, and
Qualification criteria for part-time income applicants with less than a 2 year tenure of part-time employment
1. Part-Time Income with at least a 2 year tenure of part-time employment
If your part-time wage is guaranteed and does not fluctuate it is 100% eligible for mortgage qualification. The following verification documents are required:
recent pay stub
employment letter (stating your hire date, current wage, and a statement addressing your guaranteed hours)
in some instances, lenders will additionally require the most recent 2 years of one of the following; T4s, or Notice of Assessments
If your part-time employment is casual and the hours fluctuate, the qualifying income is determined by averaging your last two years of declared income. The following verification documents are required:
recent pay stub, and
employment letter, and
the most recent 2 years T4’s or Notice of Assessments (NOA)
if the income from the most recent T4 or NOA varies from the average of the 2 years by more than 20% you must use the lower of, or get Marko Gelo to use his wordly negotiating skills to seek an exception from the lender to use the 2 year average.
2. Part-Time Income with less than a 2 year tenure of part-time employment
This method is like an enhanced version of the aforementioned strategy. Depending on the current terms of your mortgage and how/when it was initially structured, you could potentially proceed as follows:
seek out the marketplace for the best possible rate and term,
reset your mortgage to a 25 year amortization, and
consolidate existing debt
Questions about part-time income? Call or text Marko Gelo directly at 604-800-9593 cell/text, or schedule a phone call in the future with Marko at your convenience.
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