Organizing Income from Side Jobs

Part of the Video Series How to Organize Income & Assets

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Take control of personal finances! Learn what to do with side job income in this free video on organizing personal finances, income, and assets.

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Organizing Income from Side Jobs
Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan, one thing that can really help you out is if you work a job on the side. Maybe you are an auto mechanic and over the weekends you help a friend with car and you he gives you cash. If that happens consistently you can use that income as part of your loan application. It depends on the program but there are many programs where you can put income under a category of "Other" and it will count towards your overall income. So if you do jobs for friends in whatever field you are in or even if it is in a separate field, make sure you take notice of that and sort of keep an eye on how much cash you do make from those side jobs. Because it could come into play with your home loan. And you don't have to show documentation for it and that is the best part. Obviously it has to be believable. Again if you are an auto mechanic and you say oh well I do some side work over the weekends for family and friends and they pay me some money for it and you say you get four thousand dollars a month for doing that, they might not believe that. It has to be believable, it can't be any shock value. So just keep an eye on that, take notice of that if that is happening because it is very usable and it is very helpful.

About the Expert

Expert: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Read More