Mortgage News

'Tis the Season: Seasonal Employment and Home Buying

December 5th, 2014

As we enter the holiday season, it's common for people to seek out seasonal employment and second jobs. According to Bloomberg News, "about 821,000 workers will be hired for retail seasonal jobs this year, up 11 percent from a year ago."

But what does seasonal employment mean for people who apply for a mortgage? To use seasonal or second job incomes when qualifying for a home loan, the lender will require the following documentation:

Secondary Employment:

  • a completed verification of employment (minimum of two years) 
  • recent paystub and W2 forms covering the most recent two-year period
  • the borrower may have a history of different employers as long as the income has been consistent

 Seasonal Employment:

  • verification that the borrower has worked in the same job or the same line of work for the past two years
  • confirm with employer there are reasonable expectations the borrower will be re-hired for the next season

For more information about secondary/seasonal employment, please refer to Fannie Mae guide book.  

As always, y
ou can call me at 757-490-4726 or email if you have any questions or concerns.


Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945)

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