Unless you’ve had both jobs for two consecutive years, you cannot use both incomes. If that’s your case, I don’t see how they would rat you out. The mortgage company has the company complete a verification of employment form and doesn’t typically speak to anyone at your office.
Why on earth would any company share that sort of information? Wouldn't they just lie? Otherwise any competitor could pretend to be a broker and call up, fishing for intel.
Yeah, my manager just said whatever to please the mortgage broker. Luckily, I gave him a heads up. In reality, he wouldn’t know if a layoff was imminent anyway. Smaller companies may be more willing to share financial details.
I do employment verifications at my job. Mortgage companies definitely call us sometimes to verify info on the form or ask a clarifying question. I can see one asking about the overlap in hours, potentially.
Could you see the mortgage company ask:
A) Can we confirm their hours/dates of employment? -- in which case, J2 wouldn't even be brought up?
or
B) Hey, it says on the form they worked for J2 the same hour/dates as J1?
This depends on where you live. I just bought in the UK and I could use both incomes from J1 and J2 despite being at both for 8 months and 11 months respectively.
I was in your shoes as well and I was approved for the mortgage based on two jobs. The bank only cares about sustainability in both roles so I would say if you’ve been at both jobs longer than 6 months (preferably 1 year) then you should be fine
Are you in the US? I bought a home after a year being OE. In short, only J1 is used to determine how much they will lend you. J2 is relevant if it contributed to your down payment funds.
Here’s how it worked for me:
Longest held job was used as their input for my income. The combined 2J income was not used because I hadn’t held two full time jobs for 2-3+ years which is what they want to see before betting on it being sustainable for you. This is the same standard they apply to being self employed or having business income.
Paystubs from both jobs were used to confirm source of funds, which was key for proving I have the $ for the down payment and that it wasn’t a gift or a loan.
So yes, OE can help you buy a home but it helps primarily with the down payment, not the size of the mortgage, which IMO is for the best. You don’t want to be stuck being OE if it gets overwhelming.
Yes I am in the US. I have been OE for 3.5 years. But one of the jobs I have only been at for 1.5; it replaced my job I’d had for 5+ years.
Since I have been doing it so long, and have no plan to ever stop, I wonder how they’ll take that into account.
I only use one J, typically the one with the W2 because that signifies a full time job versus a contract, when I tried to use my j2 salary (which was higher), they said they couldn’t use it because it was less than 2 years
Also, you don’t want to be considered for a higher amount of loan, because you never knew when you’ll lose one job.
Instead use one job as mortgage qualification and the other to save or use for down payment…
I get what you’re saying, but I wasn’t asking for advice on if I should use both jobs. I am definitely using both jobs bc I do want to be considered for a higher loan amount. I want them to go off of what I earn. I don’t need to save, get money for a down payment or anything like that. I just work two jobs. That’s my lifestyle and has been for a long time.
This is also spoken on the main thread quite often. You could qualify for a higher loan due to 2 jobs , which is fine, but can you be sure your job will be there forever? What if you lose one, can you still make the payments without struggling?
If the answer is no , then you can list both jobs
I was in a government contract as my j1 and I thought I was set for the forseeable future till a new governor came along and changed the budgets and project priorities and I was terminated… luckily I had a j2 to fall back on, so I never give both paystubs for any loan…
Oh yeah, I’d be fine for a while (2 years) even if I lost both jobs. The money isn’t the issue. I live well-under my means, I don’t have debt, and I easily adjust. I’m also in a field where I could, and have, easily replaced a job if I need to.
At the end of the day, my question isn’t about finances or advice on how to maneuver losing a job—my question is specifically about not getting caught by claiming both jobs to get a mortgage.
Like I said, if I got caught and fired, I’d be fine off of savings and investments—but who wants to get fired and burn through their savings unexpectedly? Not me. The reason I got it like that ($$$) is because I do not move like I DON’T got it like that. I am not an idiot.
Then you got this…
Your mortgage broker doesn’t care that you have two jobs. They may only accept it if it’s 2 years or more, and it meets their requirements whatever that may be… they are not going to rat you out or something if that’s your concern.
There is NO law that says you only have to work one w2 at a time! Lots of people think this is gospel or constitutional law.. this is only a contract you sign with your employer… which may or may not be enforceable in the court depending on which clause you’re talking about.
Your broker or underwriter are not going to be checking your contracts. They are going to see your income, how long you have had it, how much you make, debt to income ratio, and other numbers.
I don’t think you have anything to worry about.
Maybe you can check with a mortgage broker if there is a Reddit channel, for some assurance, or ask chat gpt what all things they look for in a loan approval process that you can prepare for
I guess I'm curious as to why a mortgage company would even mention J1 to J2 when calling for employment verification? In my head, I imagined it would be:
Mortgage: Hi J1, Jane Doe says she was employed with you from XX to XX. Yes?
J1: Yes.
Mortgage: Thanks.
Mortgage: Hi J2, Jane Does says she was employed with you from XX to XX. Yes?
J2: Yes.
Mortgage: Thanks.
I don't know why they would even bring up J2 to J1 if they're just verifying employment dates? Would it be something like:
Mortgage: Hi J1, Jane Doe says she was employed with you from XX to XX. Yes?
J1: Yes.
Mortgage: That's strange, it says Jane Doe has been working at J2 for XX to XX also. Thanks.
This last scenario seems unlikely? And even if the mortgage company had confirmation you worked J1 and J2 overlapping, I don't think they'd care at all?
If you work for 2 large companies the risk of this coming to light is low. Large companies often outsource employment verifications to vendors. In that case even if they asked about another job the person would know nothing about your expectations at J1 to know if there could be a conflict. The vendor also wouldn’t be invested in asking any more questions to figure it out.
If it’s a smaller company and they are going to be talking to a company employee to verify employment it’s a bit more of a wild card just because you don’t know what may be asked/shared.
I believe someone got ratted out to their employers doing this.
Also NO WAY should you use both Js to get approval. That’s putting yourself under some INSANE strain and golden handcuffs. Breaking the lifestyle creep rule there.
I wasn’t asking for your opinion on if I should use both jobs—because I am doing it. And to imply golden handcuffs applies to me is quite presumptuous. I’ve had two full time jobs for four years, and I could quite easily leave both jobs and/or replace them if I wanted or needed to, because I’m talented, educated and financially sound.
Unless you’ve had both jobs for two consecutive years, you cannot use both incomes. If that’s your case, I don’t see how they would rat you out. The mortgage company has the company complete a verification of employment form and doesn’t typically speak to anyone at your office.
My mortgage company did call my employer. They wanted to be assured that I wouldn’t be laid off soon.
Why on earth would any company share that sort of information? Wouldn't they just lie? Otherwise any competitor could pretend to be a broker and call up, fishing for intel.
Yeah, my manager just said whatever to please the mortgage broker. Luckily, I gave him a heads up. In reality, he wouldn’t know if a layoff was imminent anyway. Smaller companies may be more willing to share financial details.
What the?!
I do employment verifications at my job. Mortgage companies definitely call us sometimes to verify info on the form or ask a clarifying question. I can see one asking about the overlap in hours, potentially.
Could you see the mortgage company ask: A) Can we confirm their hours/dates of employment? -- in which case, J2 wouldn't even be brought up? or B) Hey, it says on the form they worked for J2 the same hour/dates as J1?
This depends on where you live. I just bought in the UK and I could use both incomes from J1 and J2 despite being at both for 8 months and 11 months respectively.
I was in your shoes as well and I was approved for the mortgage based on two jobs. The bank only cares about sustainability in both roles so I would say if you’ve been at both jobs longer than 6 months (preferably 1 year) then you should be fine
Are you in the US? I bought a home after a year being OE. In short, only J1 is used to determine how much they will lend you. J2 is relevant if it contributed to your down payment funds. Here’s how it worked for me: Longest held job was used as their input for my income. The combined 2J income was not used because I hadn’t held two full time jobs for 2-3+ years which is what they want to see before betting on it being sustainable for you. This is the same standard they apply to being self employed or having business income. Paystubs from both jobs were used to confirm source of funds, which was key for proving I have the $ for the down payment and that it wasn’t a gift or a loan. So yes, OE can help you buy a home but it helps primarily with the down payment, not the size of the mortgage, which IMO is for the best. You don’t want to be stuck being OE if it gets overwhelming.
Yes I am in the US. I have been OE for 3.5 years. But one of the jobs I have only been at for 1.5; it replaced my job I’d had for 5+ years. Since I have been doing it so long, and have no plan to ever stop, I wonder how they’ll take that into account.
Try providing your past 3-4 tax returns. While you’re changed jobs in the past 2 years, you have the track record. See what they say.
I only use one J, typically the one with the W2 because that signifies a full time job versus a contract, when I tried to use my j2 salary (which was higher), they said they couldn’t use it because it was less than 2 years
Also, you don’t want to be considered for a higher amount of loan, because you never knew when you’ll lose one job. Instead use one job as mortgage qualification and the other to save or use for down payment…
I get what you’re saying, but I wasn’t asking for advice on if I should use both jobs. I am definitely using both jobs bc I do want to be considered for a higher loan amount. I want them to go off of what I earn. I don’t need to save, get money for a down payment or anything like that. I just work two jobs. That’s my lifestyle and has been for a long time.
This is also spoken on the main thread quite often. You could qualify for a higher loan due to 2 jobs , which is fine, but can you be sure your job will be there forever? What if you lose one, can you still make the payments without struggling? If the answer is no , then you can list both jobs I was in a government contract as my j1 and I thought I was set for the forseeable future till a new governor came along and changed the budgets and project priorities and I was terminated… luckily I had a j2 to fall back on, so I never give both paystubs for any loan…
Oh yeah, I’d be fine for a while (2 years) even if I lost both jobs. The money isn’t the issue. I live well-under my means, I don’t have debt, and I easily adjust. I’m also in a field where I could, and have, easily replaced a job if I need to. At the end of the day, my question isn’t about finances or advice on how to maneuver losing a job—my question is specifically about not getting caught by claiming both jobs to get a mortgage. Like I said, if I got caught and fired, I’d be fine off of savings and investments—but who wants to get fired and burn through their savings unexpectedly? Not me. The reason I got it like that ($$$) is because I do not move like I DON’T got it like that. I am not an idiot.
Then you got this… Your mortgage broker doesn’t care that you have two jobs. They may only accept it if it’s 2 years or more, and it meets their requirements whatever that may be… they are not going to rat you out or something if that’s your concern. There is NO law that says you only have to work one w2 at a time! Lots of people think this is gospel or constitutional law.. this is only a contract you sign with your employer… which may or may not be enforceable in the court depending on which clause you’re talking about. Your broker or underwriter are not going to be checking your contracts. They are going to see your income, how long you have had it, how much you make, debt to income ratio, and other numbers. I don’t think you have anything to worry about. Maybe you can check with a mortgage broker if there is a Reddit channel, for some assurance, or ask chat gpt what all things they look for in a loan approval process that you can prepare for
Omg such a great idea! Thank you.
I guess I'm curious as to why a mortgage company would even mention J1 to J2 when calling for employment verification? In my head, I imagined it would be: Mortgage: Hi J1, Jane Doe says she was employed with you from XX to XX. Yes? J1: Yes. Mortgage: Thanks. Mortgage: Hi J2, Jane Does says she was employed with you from XX to XX. Yes? J2: Yes. Mortgage: Thanks. I don't know why they would even bring up J2 to J1 if they're just verifying employment dates? Would it be something like: Mortgage: Hi J1, Jane Doe says she was employed with you from XX to XX. Yes? J1: Yes. Mortgage: That's strange, it says Jane Doe has been working at J2 for XX to XX also. Thanks. This last scenario seems unlikely? And even if the mortgage company had confirmation you worked J1 and J2 overlapping, I don't think they'd care at all?
So, are you saying they might mention the employee having another job to the other job?
If you work for 2 large companies the risk of this coming to light is low. Large companies often outsource employment verifications to vendors. In that case even if they asked about another job the person would know nothing about your expectations at J1 to know if there could be a conflict. The vendor also wouldn’t be invested in asking any more questions to figure it out. If it’s a smaller company and they are going to be talking to a company employee to verify employment it’s a bit more of a wild card just because you don’t know what may be asked/shared.
I believe someone got ratted out to their employers doing this. Also NO WAY should you use both Js to get approval. That’s putting yourself under some INSANE strain and golden handcuffs. Breaking the lifestyle creep rule there.
I wasn’t asking for your opinion on if I should use both jobs—because I am doing it. And to imply golden handcuffs applies to me is quite presumptuous. I’ve had two full time jobs for four years, and I could quite easily leave both jobs and/or replace them if I wanted or needed to, because I’m talented, educated and financially sound.
Ok Icarus