Many people prefer to work part-time, managing their financial and personal life simultaneously. And in some rare cases, your employer might change the contract from full-time to part-time. Despite the flexible employment circumstances, the new home buyers, especially part-time ones, prepare for getting a mortgage.

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During the planning and preparation, many of them wonder, “Can you get a mortgage working part-time?” Essentially, you’d want to know if you can qualify for it when you are doing part-time work. It is the first step in the planning process for anyone who plans to apply for a mortgage.

Getting a mortgage working part-time?

While you can get a mortgage working part-time, you would need to meet the requirements. If you have a stable part-time job, then getting a mortgage would be easier. Similarly, the more you earn working part-time, the larger amount of mortgage you can qualify for.

The lenders want to check the reliability of your source of income for the monthly repayments. So it doesn’t matter how long you’ve been working part-time as long as you have the job stability. In short, here are a handful of deciding factors for part-time workers that vary from lender to lender.

The Income

Your part-time job along with your other income streams can determine how much you can afford the mortgage. If you meet the income requirements, then you’d more likely be eligible for a mortgage.

Credit Score

Your credit rating has to meet the criteria that your lender has included in a mortgage application. Hence, your high credit score can get you a mortgage, even if you are working part-time.

Length of the employment (FHA)

To qualify for an FHA loan, you have to have been employed for two years. While this is the requirement of certain mortgage lenders, others would not care for the length of employment.

Mortgage Deposit

Depending on the value of the property, your deposit can make a difference in a mortgage application.