Mortgage loans for people with a part-time income?

Getting the mortgage loan is very important for everyone who wants to become a home owner – this is because of the fact that the interest rates are very low and the prices of the houses have also become less.So this will be the best time for people to get a new home.

But is a mortgage loan possible with a part time income?

Many people are wondering about this question.The answer is probably NO.Remember that the income might not be enough to manage a mortgage – instead of saying that the answer is NO,i would say that the lender would look at the current income – if the mortgage payments does not cross 30 percent of the gross income then getting the mortgage loan will be much more easier and you have higher chances of getting approved for the mortgage loans.

Length / history of employment is important too:

Besides the amount of income,lenders would only be interested in issuing a mortgage loan if you have been employed for a long time – if you could show that your employment has lasted for about two years then there are higher chances of approval.

One more thing you need to remember while getting a mortgage loan is that by allowing too many lender to pull your credit,there are higher chances of lowering the credit scores.So you need to be aware of it.If you have a copy of the credit report,it is better to share rather than letting the lenders to pull credit.