Common challenges
Off-season gaps look like unemployment to automated underwriting. Without a documented seasonal pattern and an employer rehire letter, the income may be excluded entirely.
Programs that fit
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
First-Time Homebuyer Loans
First-time homebuyer loans are mortgage options with low down payments, typically 3% conventional, 3.5% FHA or $0 VA, often paired with state or local down payment assistance.
USDA Loans
A USDA loan is a mortgage guaranteed by the U.S.
Tips before you apply
- Two years of W-2s in the same seasonal job is the key document; keep them all.
- Get your employer to confirm in writing that you will be rehired next season.
- Unemployment benefits received between seasons generally cannot be counted as qualifying income.
FAQ
What is the best mortgage for seasonal workers?
It depends on your documentation and goal. The programs that most often fit are FHA Loans, Conventional Loans, First-Time Homebuyer Loans, USDA Loans.