Where there’s a will, there’s a way—even for getting a home loan without a full-time job!

Acquiring a home loan without a full-time job is challenging—we won’t lie to you—but it is possible! The most important aspect when applying for a mortgage is showing that you will be able to make the monthly payments. This is certainly possible to do when part-time or as a freelancer, but banks will require you to take extra steps to prove that your income and financial status are stable before they hand you hundreds of thousands of dollars.

Step 1

Before you even begin looking for homes, you need to gather all of your financial statements and documents to get an estimate of what kind of home you’ll be qualified to purchase. Things like paystubs, proof of income, tax returns, expense records, debt records, and proof of assets. Because of your non-full-time job, your application will be met with scrutiny and a delay caused by lack of paperwork could cause you to miss the home of your choice.

Step 2

Improve your credit score and eliminate/reduce your debt. You do not want anything in your financial record that raises any red flags in the eyes of the lending institution. Big debt or bad credit score makes the institution think you’re financially irresponsible.

Step 3

Save money for the down payment! It’ll show that you have the ability to save money, and, if the down payment is large enough, you won’t need to take out private mortgage insurance.

Step 4

A letter with your application explaining why you are working less than full-time will only help your case. If your projects pay you enough to afford living on less than 40 hours per week, for example, a letter will clear things up.

Step 5

Show your proof of assets. Having assets that you would be able to liquidate, if it comes down to that, can help improve your financial picture.

We told you it was going to be hard! But if you feel like buying a home is right for you, then you should know how to go about it. And we can help! For all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California, contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. We have the experience needed to make sure you get the right mortgage.