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switch jobs after my home loan comes thru

during the process of my home loan i have been offered a job in another organization and should be joining there in two months time.

my loan came thru and the loan officer told me that they might go for random 2nd verification.

If i am at home during this two month period and the lender goes for another round of employment verification what are the possible issues that may arise.

can they cancel the home loan or take it back after i move in to my new home ? Any advice would be highly appreciated.

priya
  • July 04 2013 - Cupertino
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Answers (8)

Profile picture for JustinLeffew
A verbal verification of employment will typically be done 10 days or less from your closing date. My advice would be to let your employer know you are in the process of getting a loan. They may slow the paperwork down to give you time to close. As soon as you sign on the dotted line, go for it. If you do it before, it will be a huge headache. 
  • January 06 2014
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If you close on your loan prior to changing jobs, you will be fine. If you have not closed yet, your lender will do a job verification just prior to closing and if your employer tells the lender that you are leaving, your loan will not close.
  • January 06 2014
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You should be fine after you've closed the deal. You shouldn't have to worry two months AFTER it has already closed. The others who advised you not to change jobs probably misread your question.
  • January 06 2014
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Profile picture for New_Englander
House Hunters is completely fake, you know.
  • July 09 2013
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I would not recommend switching jobs or making large purchases until your loan is done and you close.
  • July 05 2013
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Recently investors have opened up a new program allowing lenders to qualify borrowers based on a job offer letter from their future employer.  This is a great program for people relocating due to new jobs!  

More information can be found here:
[Hotlink removed by Zillow moderator.]

Feel free to contact me with any questions.
  • July 05 2013
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Don't change jobs until after you close. A change of employment during this process will create delays as mentioned below for further employment verification.
Once the house is yours you can change employers all you want.

  • July 05 2013
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HGTV's 'house hunter' aired a program just recent where that happened
to a couple ( yeah I watch HGTV a lot )  the man was changing jobs during the process of buying and all the sudden needed to 2nd verification or 2-3 current pay stubs (which he didn't have yet) because it would be coming from the new job. This was during the buying process so he contacted his new employer for help, and his agent who explained and asked for the extra time to produce these stubs. They did get them but it was down to last day, last hour, last everything when they did.
Hope it works out just don't set on it and be prepared to act if you have to.
-Joseph-

  • July 05 2013
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