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Answers (12)
- Jeanne Feenick, "TopNJAgent"
- Contributions:149
By all means speak to a lender about your specific situation and the impact and timing of job changes. Once an application is placed, change is not a good thing. One of the "10 commandments" when applying for a loan is:
"Thou shalt not change jobs, become self-employed or quit your job"
Good luck to you on all fronts!
"Thou shalt not change jobs, become self-employed or quit your job"
Good luck to you on all fronts!
- JagdishNerva
- Contributions:5
Hi All - Thanks again for your suggestions. I am more cognizant about this topic now.
Naima, I would appreciate if you can suggest some lenders in the Frisco/ Dallas FW area.
Naima, I would appreciate if you can suggest some lenders in the Frisco/ Dallas FW area.
- Albert Elhage, "aelhage"
- Contributions:33
It all depends. Did you have a job before theis position? Did you change to different line of work? how is your credit?
I suggest you connect with a mortgage analyst/lender. He/she shoud be your first stop. Next stop is finding a realtor that will look after your interests nthe buying process.
I hope this helps,
I suggest you connect with a mortgage analyst/lender. He/she shoud be your first stop. Next stop is finding a realtor that will look after your interests nthe buying process.
I hope this helps,
- Reema Sharma, "ReemaSharma"
- Contributions:927
Need 2 year income history and credit score. Visit few of your local mortgage brokers usually it is free of cost
- Darrell Self, "Darrell Self"
- Contributions:349
If you are in the same line of work and are a W2 employee with good credit that should not affect your interest rate. Your income and debt ratio will affect your buying power.
- Ted Wangsanutr, "Ted Wangsanutr"
- Contributions:18
Thanks for the update Jagdish! You should be fine with the salary/offer letter and 30 days of paystubs. Just keep in mind you won't be able to count your bonus/overtime or any type of options that you may be given, as you won't have a "history" of recieving them. Like John had said, that "type" of income would require a 2 year history. Best of luck on your new job and hopefully soon-to-be new home.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
If your income is going to increase drastically and will affect your buying power with your new job, may be it is best to wait until then but you make a gamble that the rates may be higher. Since you are staying within the same industry, you should be in good shape. You still want to speak to a lender though so they can analyze your entire application so there are no surprises.
If you need recommendations for a lender, I'll be glad to help.
Naima
If you need recommendations for a lender, I'll be glad to help.
Naima
- JagdishNerva
- Contributions:5
Hi All - Thanks for your responses. I have been working in the software industry for the past 11 yrs and about 6 yrs with my current employer. I am planning to switch jobs with same kind of job profile, first and then buy a home. So wanted to know if I should buy a home within 3-6 months of changing job or wait a little longer. Please let me know.
Thanks again for your advice.
Thanks again for your advice.
- Ted Wangsanutr, "Ted Wangsanutr"
- Contributions:18
If your new job is salaried and you can provide a salary letter along with 30 days proof of income, you should be okay, regardless of whether you change industries. If bonus or commission is a part of your income however, don't plan on being able to use it to qualify. Congratulations on the new job and best of luck on your home search!
- Debbie Jeffrey
- Contributions:23
Changing careers will affect your ability to qualify for a loan for a home purchase. If you didn't change careers, you should be fine. Loan officers look at credit history, income, cash reserves and debts to come up with the aamount you'll qualify for. The better these numbers are (low debt ratios and high income/cash reserves), the better rate you'll get.
Congrats on the new job!
Congrats on the new job!
- John Cannata, "TexasLoanGuy"
- Contributions:16
JagdishNerva - to answer your direct question, no the rate itself is not based on your job history. However, your job history can play a large part of you getting approved for the loan.
Is this a commission based job? Have you been in the line of work for 2 years or have you recently graduated college? If its the same line of work, then lenders will want you to be in the job for at least 30 days. If its a commission based job, you'll need to show 2 years worth of tax returns (or at least 2 years history in that line of work).
Without knowing some of these questions, its harder to answer your question directly. The rate itself will not be decided on your job history though.
Is this a commission based job? Have you been in the line of work for 2 years or have you recently graduated college? If its the same line of work, then lenders will want you to be in the job for at least 30 days. If its a commission based job, you'll need to show 2 years worth of tax returns (or at least 2 years history in that line of work).
Without knowing some of these questions, its harder to answer your question directly. The rate itself will not be decided on your job history though.
- Kile Properties, "KileProperties"
- Contributions:43
Usually it won't have much impact if you remained in the same general industry. If you totally changed directions from what you were doing, it will affect most lenders decision. In today's real estate market, there are many factors that go into qualifying a buyer. Your best option is to contact a few lenders that your friends or family can refer to you and have them run an application to see where you currently stand.
Does buying a home within 2-3 months of getting into a new job
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