As we enter the holiday season in Hampton Roads, it’s common for people to seek out seasonal employment and second jobs. According to Bloomberg News, “about 821,000 workers will be hired for retail seasonal jobs this year, up 11 percent from a year ago.”
But what does seasonal employment mean for people who apply for a mortgage? To use seasonal or second job incomes when qualifying for a home loan, the lender will require the following documentation. These rules apply for people who live in Virginia Beach, Norfolk, Chesapeake and all of Hampton Roads.
Secondary Employment:
- a completed verification of employment (minimum of two years)
- recent paystub and W2 forms covering the most recent two-year period
- the borrower may have a history of different employers as long as the income has been consistent
Seasonal Employment:
- verification that the borrower has worked in the same job or the same line of work for the past two years
- confirm with employer there are reasonable expectations the borrower will be re-hired for the next season
For more information about secondary/seasonal employment, please refer to Fannie Mae guide book.
If you know anyone who can benefit from this information, please feel free to pass along the information so they are prepared when speaking to the lender.
As always, you can call me at 757-490-4726 or emailsrubin@tidewaterhomefunding.com if you have any questions or concerns.
Featured photo: Flickr