Should I get another job before applying for a mortgage?

Hi Denise, numbers may work as is. Though it might be right on the chalk line. More info would be needed. Adding a secondary job would not help for income qualification as that would require a 2 yr history. Best to arrange a no obligation consult. You can book a time here if you like: https://bit.ly/3Z4KYLe or call 562.254.5616

Generally speaking, the average person, as long as they don't have a very large amount of debt, can typically purchase a home about 4 times their yearly income. In your case, $59,500 times 4 = a $238,000 loan. You might be able to stretch it to 4.5 times income, or in your case, around $267,750. So it appears you will fall short income wise on a $400,000 loan. Adding a secondary part-time job would NOT help today, as in order to use that for qualifying income, you must show a pattern and history of a second job, with the rules saying you need to do that for at least two years first. A non-occupying co-borrower might be an option today. I lend in MN, WI, IA, ND, and SD. FInd me at JoeMetzler.com/apply | Cambria Mortgage | NMLS 274132