Bank won't count my part time job as income...

[Stacy E.]

Hi Everyone,

I haven't found a property yet but I am planning to move back to Richmond Va and owner/occupy/rehab. I have accepted a part time job that hourly pays more than my current job did but the mortgage broker says that income will not count because I have not had the part time job for over two years. This puts me in a little bit of a pickle. For my lifestyle the part time job fits better. I also figured that it would give me more time to work on my real estate endeavors (I will have 2 rentals once I move.) My rentals cash flow some but certainly not enough income to justify the loan. I do have a decent amount of cash saved for a down payment and retirement accounts... I suppose I could take out a HELOC or HEL(?) on one of the properties or do something creative with private money but I'd prefer to take advantage of being an owner occupant. Any ideas?

I have a little time--- I'm not planning to move until Aug but I would like to figure out my options ASAP.

Thanks in advance,