Qualifying for a Mortgage with Seasonal Employment
When we talk about seasonal employment, we’re not talking about picking up 20 hours a week at the local store during the holidays. This is more like skilled professions where a majority of the work occurs only at specific times of the year.
When these people aren’t working because it’s off-season, they’re likely on unemployment. It is usual and customary for them to repeat this pattern from year to year. Know that this is one of the VERY few scenarios where mortgage lenders can use unemployment income for qualifying.
What documentation is needed?
The lender will essentially need a written verification of employment from your employer. Additionally, they will request notes on the document detailing the nature of the job, and confirmation of the dates you usually work. They will also want confirmation you’ll be working with them in the next season. Finally, mortgage lenders will want your last two years worth of unemployment year-end forms, usually called 1099-G.