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Qualifying for a home loan can be especially challenging if you don’t have a regular paycheck.

Even if you have a solid credit score, money in the bank, and low or no debt, you can still expect mortgage lenders to check on your income to be sure you can afford your loan payments. And you may face stricter eligibility requirements if you’re a seasonal employee or a freelance or gig worker.

Having an inconsistent income isn’t an insurmountable hurdle — but there are some basic guidelines homebuyers should be aware of as they prepare to apply for a mortgage.

Here, you’ll learn:

•   Can you get a mortgage without a job?

•   How do you apply for a mortgage if you have seasonal income?

•   What sort of income documentation do you need?

•   How can you improve your chances of mortgage approval?

Is Employment Required to Qualify for a Mortgage?

Usually, you are required to show two years’ worth of employment and income on a mortgage application. Lenders use the information on a loan application to evaluate a borrower’s risk based on a number of factors, including their credit history, their assets, how much debt they can comfortably handle, and the amount and reliability of their income.

If you can prove to your lender that you can make your monthly house payment even though you don’t have a traditional employment situation, you still may be able to qualify for a mortgage. In fact, you may be able to get a mortgage without a job at all if you can prove that you have adequate financial resources.

For example, a retired couple may be eligible for a mortgage based on their Social Security and pension payments alone. And if that isn’t enough for a mortgage, income from other sources may push things ahead. For instance, they may be able to qualify if they have a retirement account they can tap, rental property income, or investments that pay dividends or interest. A divorced individual may be able to use alimony or child support payments to qualify for a home loan. And certain types of long-term disability income also may be accepted.

Applying for a Mortgage with Seasonal Income

If you’re earning an income but some or all of your work is seasonal, you should be prepared to provide extra documentation that proves your income is dependable.

For example, seasonal employees who work for the same company (or in the same field) every year should be ready to furnish two years’ worth of W-2 forms, pay stubs, tax returns, bank statements, and other financial backup. Your employer (or employers) also may have to write a letter stating you can expect to work again the next season.

Remember, the lender wants to be as certain as possible that you can manage your home mortgage loan. If you’ve been working at the seasonal job for less than two years (or if you can’t prove the work will continue), you may not be able to get past the underwriting process. In other words, your mortgage loan would not be approved.

In that case, you may have to wait until you’ve put in more time on the seasonal job, or you could consider applying with a co-borrower or cosigner to improve your chances of getting a loan.

Part-Time Income vs. Seasonal Income

Some points to note about part-time vs. seasonal income:

•   Income documentation requirements are generally less demanding for part-time workers than for seasonal workers.

•   Part-time workers still must provide paperwork that supports the income information on their mortgage application. But if a lender can see that a borrower has year-round employment and a regular paycheck — even if he or she works fewer than 40 hours a week — that consistency can help with qualifying for a mortgage.

•   Even if you work full-time or overtime in a seasonal job (as a store cashier during the holidays, for example, or at a theme park during the summer), you may have a harder time proving that your income is stable.

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Proof of Income Documentation

Proving income stability also can be a challenge for freelancers and gig workers who are trying to qualify for a mortgage.

Instead of pulling out pay stubs and W-2s to prove their income, as employees with more traditional jobs do, self-employed workers have to round up their 1099s and other documentation from their business (bank statements, tax returns, profit and loss statements, etc.). They need to share those as proof of income for a mortgage, along with the required information about their personal finances.

Documentation requirements can vary depending on the lender or the type of loan, but freelance and contract workers typically need to provide proof of at least two years of self-employment income to qualify for a home mortgage loan. And if that income is significantly different from one year to the next, or is going down instead of up, the lender may have questions about the borrower’s ability to keep up with mortgage payments over the long-term.

Something else to keep in mind:

•   Though it may be tempting to take advantage of every tax break for your freelance business, those deductions might affect how a mortgage lender looks at your bottom line.

•   If you have accepted some payments under the table to avoid taxes, you won’t be able to count that money as income on your loan application.

Gathering Your Income Documentation

Not having the proper income documentation can slow down the mortgage loan process, so it can be a good idea to gather up your paperwork well before you actually sit down to apply.

If you’re a first-time homebuyer, or you aren’t clear on what you might need as a seasonal or self-employed worker, a good lender will walk you through the list — but here are a few things you’ll likely need:

•   Tax returns from the past two years. (Personal and business returns if you’re self-employed.)

•   Two years’ worth of W-2s or year-end pay stubs. (If you’re self-employed, you can use your 1099s.)

•   Bank statements. (Personal and business bank statements if you’re self-employed.)

•   Letter verifying your employment. (If you’re a seasonal worker, your employer would state that you’re expected to be hired again. If you’re self-employed, you might provide a letter from a CPA verifying that you’ve been in business for at least two years. You also could include a client list with contact information or your company’s website.)

•   Statements verifying additional assets.

•   Proof of other income sources. (Alimony and child support, disability income, Social Security, etc.)

Improve Your Chances of Mortgage Approval

A stable income can be key to getting a mortgage, but lenders also will consider several other financial factors when evaluating an application. If you want to improve your chances of qualifying for a home loan — and get the lowest interest rate possible — here are a few things to focus on:

Credit Score

Generally, borrowers need a FICO® credit score of at least 620 to qualify for a fixed-rate conventional mortgage. But a higher score (670 to 739 is considered “good”) could make you more appealing to lenders and help you get a lower interest rate. Before you apply for a loan, it’s a good idea to check on your credit score and make sure your credit reports are accurate and up to date.

Down Payment

Coming up with a larger down payment could boost your chances of being approved for a loan. (The tools in SoFi’s Home Loan Help Center can help you figure out the amount you can afford.)

Debt-to-Income Ratio (DTI)

In general, mortgage lenders like to see a DTI ratio of no more than 36%. To figure out your DTI, add up your monthly bills, such as housing costs and any monthly loan or debt payments, and divide that total by your monthly gross (pre-tax) income to get your DTI percentage. If your DTI is running high, lowering or eliminating some debt before applying for a mortgage can make you look like less of a risk.

Cash Reserve

Your lender also may want you to see that you have a backup emergency fund or an asset you can liquidate easily, just in case your income falls short of expectations.

Recommended: Mortgage Preapproval Need to Knows

The Takeaway

If you don’t have a traditional job with a regular paycheck, you may have to jump through a few extra hoops to qualify for a mortgage. But if you can show your lender that you have reliable and consistent income sources, good credit, and can afford your monthly payments, a home loan shouldn’t be out of reach.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

Can I qualify for a mortgage using seasonal income?

If you can prove you’ve worked in a seasonal job for at least two years, the money you’ve earned, once documented as proof of income for a mortgage, may help you qualify.

Can I include tips as part of my income when qualifying for a mortgage?

If you keep good records and claim the tips you receive from customers on your income tax return, you may be able to include that money as income on your mortgage application. But if you pocket the money and don’t report it on your taxes, you can’t expect your lender to count it.

Are there any exceptions to the two-year employment requirement when applying for a mortgage as a seasonal or freelance worker?

If you change employers but remain in the same line of work from one year to the next, you may be able to get around a lender’s two-year requirement. Let’s say, for example, you’re a swimming coach. If you move from one county to another, but you’re still teaching swimming at a community pool, the fact that you changed employers may not affect your income eligibility.

Photo credit: iStock/Prostock-Studio

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SOHL-Q125-044

The average salaries for trade jobs by state ranges from about $50,000 to just over $76,000 per year. As student debt reaches an all-time high and automation is shaking up many industries, more and more people are turning to the trades. With the benefit of less education debt, and a lower likelihood of replacement by machines, a job in the trades holds out hope for a steady salary and job security.

But what’s the average pay, and how does it vary state by state? Read on to find out more about the advantages and disadvantages of trade jobs.

What Is a Trade Job?

A trade job is typically a hands-on role that doesn’t require a college degree. Instead, tradespeople gain experience in a specialty program or through training on the job.

Many think of a trade job in terms of plumbing or construction, but trade jobs also encompass roles such as pilot and real estate broker.

Recommended: Why Raise the Minimum Wage?

Pros and Cons of a Trade Job

Like any job, working in a trade comes with a fair share of benefits and drawbacks.

Pros include:

•   Cost of education. Since most trades don’t require a four-year degree, tradespeople may be less likely to take on student loan debt before beginning their career.

•   Security. Trades require special knowledge and experience, and are less likely to be automated. The skilled labor required for many trades jobs promises security down the line.

Cons of a trade job are:

•   Physical toll. Many, but not all, trades jobs require strength and mobility, which can take a toll over time. Trade jobs often require employees to be out in the field, as opposed to working from home. Demanding construction or maintenance jobs can lead to injury and discomfort if you aren’t careful.

•   Safety. Some trades jobs are more dangerous than others. Mistakes on the job can lead to serious bodily trauma.

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Average Salary for Trade Jobs by State

Trade jobs span multiple industries and skill sets, which lead to a wide variation in average pay. Some may be salaried, while others are hourly, and each will have different demands. Here is the average salary for trade jobs by state, courtesy of Zip Recruiter.

Recommended: More High-Paying Jobs by State

10 Top High-Paying Trade Jobs

Trade jobs usually don’t require a four-year degree, but many can net a coveted $100,000 salary. Here are the top 10 highest paying trade jobs by median annual salary, according to the Bureau of Labor Statistics (BLS):

1. Nuclear Power Reactor Operator

Median Annual Salary: $121,240

Job Growth Outlook (10-year): -6%

Job Description: Operate and monitor nuclear power systems.

Education Requirements: High school diploma

2. Transportation, Storage, and Distribution Managers

Median Annual Salary: $111,870

Job Growth Outlook (10-year): 9%

Job Description: Coordinate the shipping, storage, and transportation of materials based on business or government regulation. According to the BLS, this is among the trades that make the most money.

Education Requirements: High school diploma

3. Elevator Mechanic

Median Annual Salary: $102,420

Job Growth Outlook (10-year): 6%

Job Description: Install, maintain, and repair elevator and escalator systems.

Education Requirements: High school diploma

4. Power Plant Operator

Median Annual Salary: $100,890

Job Growth Outlook (2020-2030): -8%

Job Description: Control pipelines and distribution of gas or other forms of power from utility companies.

Education Requirements: Associate degree

5. Radiation Therapist

Median Annual Salary: $98,300

Job Growth Outlook (10-year): 3%

Job Description: Monitor and distribute radiation therapy to patients with cancer or other diseases. Because of frequent interaction with patients, this is not a job for antisocial people.

Education Requirements: High school diploma

6. Nuclear Medicine Technologist

Median Annual Salary: $92,500

Job Growth Outlook (10-year): -1%

Job Description: Provide radiation imaging or treatment to patients. This is one of a handful of high-paying medical jobs that don’t require a four-year degree, much less medical school

Education Requirements: Associate degree

7. Dental Hygienist

Median Annual Salary: $87,530

Job Growth Outlook (10-year): 9%

Job Description: Examine dental patients and administer oral hygiene, including routine cleanings.

Education Requirements: Associate degree

8. Electrical Line Installer and Repairer

Median Annual Salary: $85,420

Job Growth Outlook (10-year): 8%

Job Description: Install, maintain, and repair electrical systems, including poles, as well as transmission towers.

Education Requirements: High school diploma. Depending on the training you get before stepping into this field, this could offer a good entry-level salary.

9. Diagnostic Medical Sonographer, Cardiovascular Technologist and Technician

Median Annual Salary: $80,850

Job Growth Outlook (10-year): 11%

Job Description: Operate medical equipment to create images or complete medical testing.

Education Requirements: Associate degree

Recommended: What Is a Good Entry-Level Salary?

10. Subway and Streetcar Operator

Median Annual Salary: $77,370

Job Growth Outlook (10-year): 3.5%

Job Description: Drive public transport systems including street cars and subway lines. Roles can include handling cash fares. Because these roles don’t come with many physical demands, they could be a good option for steady work after retirement.

Education Requirements: High school diploma

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The Takeaway

Landing a job with a competitive salary doesn’t necessarily require a college degree. Though the average pay for trade jobs will vary by role and location, they can lead to rewarding careers with good job security. The ten highest paying trade jobs are in a range of industries, from medicine to transportation to nuclear power. Earning a six-figure salary may be possible as well, which could allow you to budget well for your financial goals.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is the highest-paying trade job?

Currently, the highest-paying trade job is a nuclear power plant operator, with an average annual salary of $120,000. This shift work requires operators to monitor the status of power plants, ensuring everything runs smoothly. This role typically requires a high school diploma, certification, and on-the-job training.

What are the easiest high paying trades?

The easiest high paying trade will vary based on an individual’s strengths. But some trade jobs have a lower barrier to entry than others. That, coupled with a high predicted job growth rate, could make them easier roles to be hired into.

The field of ultrasound technology is in demand, with a predicted 19% growth rate in the next decade. Paying $62,500 annually on average, the role requires a certificate and training, but not a bachelor’s degree.

Which trade is in highest demand?

Solar energy installation is growing rapidly, and installers need only technical training to qualify. The role pays $37,000 on average a year, and the demand is expected to explode by over 50% in the next ten years. Because the job entails working with machinery alone or with a small crew, this could also be an attractive job for introverts — as long as they have no fear of heights.

Photo credit: iStock/Portra

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SORL-Q125-028

Social Security is a critical part of most people’s retirement plans, and knowing when to start drawing on those benefits is important. Having an idea of how much you could ultimately receive from Social Security can help you determine other parts of your plan, and help you reach your retirement goals, particularly when you rope in a retirement plan like a 401(k) or IRA.

Americans can start drawing Social Security benefits at age 62, but there can be benefits to waiting until full retirement age (67), or longer. Deciding when to apply for Social Security can be complicated, and there’s likely a different answer for each person depending on their circumstances. The earlier you file, the lower your benefit amount, but the more payments you receive over time. There are many other factors to consider when choosing your retirement date, but thinking early about your potential Social Security benefits, and how they can pair with a retirement plan like an IRA or 401(k) long before you need to tap those benefits, may be beneficial.

How Might Social Security Impact When You Retire?

As noted, Social Security is likely an important part of your retirement plan. But it’s important to keep in mind that it’s only one part, as most people will likely need more savings and investments to fund their retirement. Knowing your potential Social Security benefits can, however, help you figure out what your additional or supplemental savings or investments need to amount to to give you the best chance of making them last.

With all of that in mind, you’ll want to give some thought to additional factors, such as your health and family situation, to help you figure out when you should start or plan to start drawing your Social Security benefits. For many people, it may be best to wait until full retirement age, rather than at the first opportunity. But again, thinking ahead is key, and giving consideration to how a retirement plan like a 401(k) or IRA can work in tandem with Social Security can be wise.

What Is Full Retirement Age (FRA)?

Full retirement age, as outlined by the Social Security Administration, is 67, assuming you were born in 1960 or later. As such, “full retirement age,” as it stands, is 67. That’s the age at which you’d be eligible for your full Social Security benefit. But as noted, that doesn’t mean you can’t start drawing Social Security benefits before that, and for some people, that may be a good idea.

The earliest you can apply for Social Security is age 62, but your benefits will be diminished. Conversely, if you wait longer (up to age 70), you could get more. So, if it’s possible to start drawing from a retirement plan without tapping your Social Security benefits, that may be a tactic to delay, and potentially receive more later on.

Here’s a look at the percentage of Social Security benefits that you could be paid monthly depending on the age at which you decide to retire (assuming you were born in 1960 or later):

Claiming Social Security at 62 (Early Retirement)

The earliest most people can apply for Social Security is age 62. The greater the difference between when you apply and when you reach full retirement age, the more the Social Security Administration will reduce the amount of your benefit.

How Much Social Security Will You Get at 62?

As discussed, for those born in 1960 or later, full retirement age is 67. Taking retirement at 62 will cause your benefit to be reduced by about 30%.

If your benefit at full retirement would be $1,000 a month, and you file for benefits at 62, you will only receive about $700 or 70% of the amount you would have received at full retirement. For each month you wait past the age of 62, that amount rises a little bit. At $700 a month starting at 62, if you lived to the average U.S. lifespan of about 80 years old, you would receive $151,200 over your lifetime.

Benefits of Claiming Early

The benefit of claiming early is that you’d start seeing money sooner – potentially years sooner than if you had waited. Depending on numerous factors (health issues, etc.), this may be more advantageous to some people.

When Claiming Social Security at 62 Might Be a Good Idea

It may be a good idea to start claiming benefits early if you have health issues, or are unable to work or otherwise find a source of income. Again, you’ll take a hit in the form of a reduced benefit, but for some people, it may be worth it. However, it bears repeating: It all depends on your individual circumstances.

Claiming Social Security at 67 (Full Retirement Age)

Claiming Social Security at age 67, which is the full retirement age for people born after 1960, means you’re eligible for your entire, or 100%, of your benefits.

How Much Social Security Will You Get at 67?

If you wait to apply for benefits until full retirement, you will get the full amount of your benefit. In the example used above, that would be $1,000 a month. In this scenario, if you live to age 80, you would receive $156,000 over those retirement years, which is close to $5,000 more than if you filed five years earlier.

Benefits of Waiting Until Full Retirement Age

The most obvious benefit of retiring at 67 is that you get your complete Social Security benefit, without reduction. If you continue to work between 62 and 67 as well, you may also have more time to add to your savings and investments, too, to help you stretch your retirement accounts.

When Claiming Social Security at 67 Might Be a Good Idea

Claiming Social Security at 67 might be a good idea if you don’t have any immediate need to retire early. Waiting to get your entire benefit can be helpful, especially since retiring at, say, 62, would reduce that benefit by up to 30% – a decent percentage. So, if you have no immediate concerns about your health or ability to continue earning income, waiting may be a good idea.

Delaying Social Security Until Age 70

Every month you delay applying for benefits causes the monthly benefit amount to grow, up until age 70. If you file at age 70, your monthly Social Security retirement payment is close to 25% higher than it would have been if you filed at full retirement.

How Much Social Security Will You Get at 70?

Continuing with our hypothetical scenario, rather than receiving $1,000 a month you would receive about $1,300 a month. If you live to age 80, that comes to $156,000 which is the same total amount you would receive if you filed at full retirement age. This brings into the equation one of the factors that influences at what age you may want to file for Social Security benefits: how long you expect to live.

Benefits of Delaying Your Social Security

The biggest benefit of delaying your Social Security benefits is, again, a larger benefit. If you stand to draw a significantly bigger benefit at 70 than you would at 62 or 67, it may be worth it to wait — so long as you’re able.

When Claiming Social Security at 70 Might Be a Good Idea

Your benefits won’t increase after age 70, so it may be a good idea to start claiming that at 70 whether you need to or not. And even if you are taking Social Security at 70, it doesn’t mean you need to stop working or generating income otherwise, either. But again, everything comes down to an individual’s specific circumstances.

What Factors Should You Consider When Deciding to Take Social Security?

Besides your age, there are some other key factors and variables you should keep in mind when deciding when to start drawing Social Security, or affect your retirement plan. Those include your health, life expectancy, whether you’re married or not, and your overall financial situation.

Health and Life Expectancy

No one knows for certain how long they will live. But if you expect to live only to age 75 for one reason or another, you might be inclined to take your Social Security benefit early so that you could enjoy it for a longer time. But if you live until age 90, taking Social Security retirement benefits early could cost you a lot of money. Here’s how your lifetime benefit would be impacted by filing at different ages if your full retirement benefit is $1,000 a month:

•   At age 62, you would receive a total of $235,000 over your retirement years.

•   At age 65, you would receive $260,100.

•   At 67 that jumps to $276,000.

•   If you wait until age 70 it is $312,000.

So, if you expect to live a long life, waiting a few years to file could make a big difference in your total benefit.

Financial Situation and Other Retirement Income

A lot, and perhaps a majority of the money spent after retirement goes toward typical retirement expenses of housing and healthcare. The average Social Security benefit as of 2024 was a little less than $1,800 per month. So an average married couple would receive around $3,600 in benefits.

Consequently, many people have to rely on other forms of income including wages from a job, pensions, dividends, interest or capital gains in addition to their Social Security benefit. In fact, having access to other forms of income may impact when you can retire.

If you do have income besides your Social Security benefit, you might want to delay claiming your benefit. If you earn income from working, and you claim your benefit before full retirement age, your benefit may be reduced. If you have other types of income, such as pensions or interest on the money you’ve saved in your retirement account, your benefit will not be reduced; these don’t count as earnings. However, you may have to pay taxes on it.

Spousal Benefits

There are many myths around Social Security benefits, so it’s important to delve into your particular situation. Spouses may be eligible for half of the benefit their spouse would receive at full retirement age. That amount is reduced if the primary beneficiary files early.

For instance, if the primary beneficiary or spouse were to apply for Social Security benefits before you reach full retirement age, you would automatically be deemed as applying for spousal benefits as well if your spouse is already receiving benefits. The maximum spousal benefit you can qualify for is typically 50% of your partner’s benefits calculated at full retirement age.

One option for spouses is to file for one spouse’s benefit early, say at 62, and postpone filing for the other spouse’s benefit until age 70. This can provide money now and more money later. If one partner dies, the surviving partner is automatically assigned the higher benefit between their own and their late spouse.

How Social Security Fits Into Your Retirement Plan

When it comes to how Social Security benefits ultimately slot in with your retirement plan, including your investments, it’s important to try and take a holistic, top-down view of your situation. The fact is, most people are not going to be able to get by during their retirement years on their Social Security benefits alone, so they’ll likely need some investments and savings to augment that income.

With that in mind, it may be a good idea to invest in, or consider opening up, a retirement plan if you haven’t already.

401(k)s and IRAs

To supplement your Social Security benefits, you may consider opening a retirement plan, which can include either a 401(k), if your employer offers one, or an IRA. There are differences and pros and cons between those two types of retirement plans, and it may be worth speaking with a financial professional to get a sense of what may work best for you.

But the goal should be to think about what you’ll need to supplement your Social Security benefits during retirement, and plan – save and invest – accordingly.

The Takeaway

For most people, their Social Security benefit is unlikely to sustain them through their retirement years; they need to have another source of income. The earlier they retire, the smaller their benefit will be and the more they may need a second or third source of income. Gaining that income through wages can reduce your benefit if you retire before full retirement age.

Prepare for your retirement with an individual retirement account (IRA). It’s easy to get started when you open a traditional or Roth IRA with SoFi. Whether you prefer a hands-on self-directed IRA through SoFi Securities or an automated robo IRA with SoFi Wealth, you can build a portfolio to help support your long-term goals while gaining access to tax-advantaged savings strategies.

FAQ

Is it better to take Social Security at 62, 67, or 70?

The best time to take Social Security depends on your specific circumstances. But in a broad sense, waiting until 70 may be the best thing to do in order to maximize your benefits.

How much do you lose if you retire at 62 instead of 67?

If you retire at 62, you could see your benefits reduced by as much as 30% compared to what you would have received at age 67.

Photo credit: iStock/FG Trade