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Looking to change jobs this year but we want to build...

Hello!

My husband and I have bought a lot in a private lake community. I am looking to change jobs in the year.

We know we need some sort of construction loan to build our house and that it will take approx. 8 months to build.

Can anyone provide some guidance on how the loan process works and if we will be faced with issues if I change jobs while the house is being built?

Thank you!
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October 07 2013 - US
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Answers (6)

As long as the job change is not dramatically different then that should not be an issue. We are located here in ohio and only require as little as 5% down for our construction to permanent program. Since you already own the land, any equity in the land can be used for down payment. Contact me for more information and details.
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December 10 2013

Do you think your Husband's alone would qualify?  Our construction to perm in Ohio allows 20% down based on subject to appraised value.  Feel free to contact me via my profile if you would like to discuss.

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October 08 2013
It will differ depending on the lender that you choose... I would try reaching out to a few of your local credit unions and explain the situation very clearly to them upfront. In my expertise the job change could affect the mortgage if it were less pay, or a vastly different job role. Other factors come into play such as, is the pay structure changing (from salary to hourly, or ownership change?)

If the payment structure of the job was not different from before, and the pay does not decrease... I see no issue with the job change.
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October 07 2013
If I were you, I would call the most popular Regional Bank in your area. I would also try to find a Savings Bank. They are the most likely source to find a construction loan. If you are a member of a Credit Union there is an outside chance they would do a construction loan.

Have you or your husband ever been involved in building a home before? It is quite the undertaking. It is stressful even if it goes perfectly, and nightmarish if it doesn't. Be prepared for the extra burden on your life even though someone else is "doing the job". It will consume chunks of your time, and timely decisions will have to be made, or they will cost you dearly.

Let me/us know what happens when you call the Regional Banks.

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October 07 2013
Profile picture for jcam13
Thank you for your reply!

I am currently salaried and my new pay structure would be around 84% of my current salary along with commissions potential.

My husband is the primary breadwinner. I do not know if (for certain) or when I would change but it would likely be in the coming calendar year. It is flexible.

We want to stay within $220,000 for the whole deal. The lot was $35k and was our big road block. Now that the title is cleared, we are moving on to the house plan. We are searching for a house plan we like and will fit our budget (estimating $100/sq ft) . There is a local builder we have in mind but we want to get an estimate from a couple other builders, as well.

We are in NE Ohio.
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October 07 2013
The job change would be most detrimental if it as a change in your line of work, and especially if you make more than 25%of your income from commissions. Otherwise, as long as the pay is very similar you should be fine. A few questions would remain
Are you the primary breadwinner? Is there commission involved? When exactly will you change? Is the timing of the change flexible?

The process is made of many moving parts. Plans, Permits, Budgets, Estimates, Quotes, and then actual costs all need to be considered before you can really get the loan rolling. Or you can guess and guess high, if you're not planning on building all the house you can afford.

Do you have a house plan in mind? Do you have a Builder in mind? If so putting those two elements together for price determination is a first step. Of course the Builder is going to want to know you can get the money to pay him so he'll be asking for pre-approval from a loan source. And, construction money isn't as plentiful as other home financing, as if any were plentiful these days.

Where are you located? I would gladly consult with you any time you'd like. My info is in my profile. Click my picture.
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October 07 2013
 
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