Part time employment does not automatically require one or two years as many may think.

There is a difference between part time employment and second job employment although many of the guidelines lump them into the same category which can cause confusion.

A second job is of course when you have a primary employment and they are simultaneously working a second job. Those are required to follow the standard guidelines of part time employment.

The scenario I get regularly is when a borrower works a part time job but has no other employment. For example, if someone retires and they go back to work being a War-Mart greeter to pass time and make a little extra money. Or maybe, they have been a stay at home mom or dad and are returning to the work force on a part time basis.

In that scenario their part time job is the same rules outlined for a regular primary full time job.

FHA:

If you have been retired and not employed for greater than six months then you do need to be on the part time job for a minimum of six months as of application date.

All others will be subject to underwriter discretion. As long as the part time is consistent and not all over the place as far as hours go you have an option to use this as their income if we can prove consistency and likelihood of continued employment.

CONVENTIONAL:

You have the variable income rules where you need a minimum of 12 months on the job IF the hours and pay fluctuate on a per check basis. Do not confuse this with all hourly employees must be on the job for 12 months. It is only those who have fluctuating income per pay period.

If you have a special scenario feel free to reach out any time.