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Answers (5)
as long as you did't switch from making cake to pizza and can straightline your employment profession you are safe. A letter and a pay stub from the new employer will be needed. With income and title.
- quinoanut
- Contributions:11
Thank you for your comments. Yes, I got wind of the changing guidelines this week. I need to borrow 205k, plus maybe closing costs but I could cover that if needed. I estimated the value of the home around 400k but I could be off on that a little. Not much though, in fact I was told today that my extra room can be a 4th bedroom because it has two exits. I am not sure how accurate that is but if true I am easily at my original value estimate.
- quinoanut
- Contributions:11
Thank you for your comments. Yes, I sort of got a clue to the changing guidelines this week. Anyway, I am asking for 205k + maybe closing cost but I could cover that if needed. The home, I thought was worth 400k, maybe a little less but not by much. In fact, I was just told that my extra room qualifies as a bedroom since it has 2 exits, not sure how accurate that is.
- wetdawgs
- Contributions:26726
As long as you have a strong offer letter and are willing to show post new job documentation as proof that it is really your employer, chances are good you will be okay. I've twice switched employers while in the refinance process although not in today's climate. Both times I've only refinanced about 50% LTV.
- Anthony Marguleas, "amarguleas"
- Contributions:1015
Your credit scores are excellent so congrats on having such great credit. Lenders typically will want to see a copy of a salary cotnract for at least a year guranteeing a specific income. Being in the same profession will help.
Regaridng the refi the one hurdle could be the loan to value as many lenders are changing their loan to value guidelines especially if this is a cash out refinance. Do you know what the loan to value is and do you plan on taking any cash out?
Regaridng the refi the one hurdle could be the loan to value as many lenders are changing their loan to value guidelines especially if this is a cash out refinance. Do you know what the loan to value is and do you plan on taking any cash out?
Would changing jobs be a problem regarding qualifying for a refi?
Thanks.
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