Does getting a second job hurt your chances when buying a house?

Question

I am a nurse that works 40+ hours in 3 days per week. I am currently in the process of buying a house and the closing date is about a month away. I was offered another part time office job 3 days a week making a little less than nursing. I know that creditors/lenders don’t like when people switch jobs in the middle of the process, but what about adding another job? The hours or pay at my nursing job would not change at all. I would just be working 9-5 on my “days off”. I know it sounds crazy to do both but compared to what I do now the extra job is easy money. I just don’t know if the mortgage lenders would see it that way.

ibu guru · Accepted Answer

Increasing your income this way should not hurt you in the least as you are maintaining your job, salary, benefits, etc. You're just adding to income.

But don't boost spending now! No new car, no furniture splurge for the new house, etc. Stick all earnings from Job #2 into savings for now. Build assets with it.

D.E.B.S. · Answer

If you qualify with the original job, then adding the second one should not be a problem.  There may be concerns if you took that 2nd job as a way to try to qualify in the first place.

Elaine M · Answer

The bank looks at income, if you're making more, they like it better.

Anonymous · Answer

No, but it can hurt your tax depending where you are. In some places you are taxed double for two jobs even if someone with one job gets the exact same amount as you.

curtisports2 · Answer

Having a second income can't hurt you. If you need that second income in order to qualify for the loan, it will not count if you just started the job. But it can't hurt you.

Judy · Answer

should be no problem

Slickterp · Answer

Won't hurt you at all.

Amy · Answer

Lenders don't like you leaving the job on whose income you qualified for a mortgage loan. Changing jobs, even to a higher-paying one, is a sign that your income is not stable. Adding a second job shouldn't be a problem.

? · Answer

The extra job will not hurt nor help your chances. You won't have worked at it long enough for them to consider the extra income and you aren't leaving your primary job.

Mamawidsom · Answer

Banks and, therefore, mortgage companies care about the applicant's ability to pay back the loan.  They look at credit score, income, other debt, and stability.  Why would adding income decrease any of that? How would they even know?  If you are closing in a month, don't you already have your financing nailed down?  I can't image how you could have a signed purchase contract and a down payment in escrow if you are still looking for a bank loan.

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Does getting a second job hurt your chances when buying a house?

12 Answers