If you are in the same field, you can get a mortgage so long as you meet the state's requirement of full-time employment. For instance, most jurisdictions require that you be employed beyond 90 days before you are considered a full-time employee as it relates to benefits, insurance, etc. The only way to avoid this hurdle is if you have a guaranteed employment contract that is effective immediately. Congrats on your new job.Jan 25th 2012
Mr. Green,As you state your new job is in a completely different field of work and to answer your questions - most probably. You have advanced your self and your skill set by attending school and gaining a certificate/degree in your new line of work. This is a good thing! If your new employer will confirm your likelihood of continued employment and your new income is appropriate to your industry with your new position you are good to go with a proper letter of explanation and documentation. This is not a commitment to lend 'cause there are a lot of other information that are needed to be obtained of course. I think you are ready to be prequalified (free of course) for a puchase mortgage and I can be reached at my desk for your questions. Hopefully this is helpful.Always buy within your budget -Patrick CashmanJan 25th 2012
Hey kermit.. there are guidelines in place to deal with your particular scenario, however they are loosely applied.. The guidelines do state you have to show you have had stable income for the last 2 years, and that it has the likelihood of continuing for another 2 years. If you have had a job change, then how your new job is titled is important.. Lenders don't like career changes with increased pay just before applying for a loan, because if things don't work out, and you go back to your old profession, with less pay, you might not be able to maintain the payments. So the question is this... is your old job within the same line of work as your new job... IE.. You were a CSR for XYZ company, and your now a CSR for ABC company.. if this is the case, then your employment should not hinder you from getting approved... WilliamAcres.comJan 25th 2012
The one thing I have to add to this conversation is that if you are getting a salary, it is much easier to use your current income sooner. If you are getting an hourly wage then you will be easier to qualify and use more of that income after a track record of 3-6 months depending on the underwriter.Jan 25th 2012
Actually, most conforming lenders and FHA underwriters won't hold taking a new job that doubles your pay against you. These are the things that an underwriter will consider. Is the new job as stable as the old. Is the pay structure all salary/hourly, or is some or all of it commission or bonus. If the later, it won't count until you have 2 years of history of commissions or bonuses. Is the new job even remotely similar to what you used to do? If not, what skill set do you have to make your continued success viable? What other strengths do you bring to the transaction? An example of where a new job may hurt you is if you have only a little more cash to close escrow than what you need, a credit score at the low end of acceptable, or debt to income ratios at the high end of acceptable. I have personally closed many loans for borrowers who were told by their banker that they don't qualify because of reasons such as not having two years with their current employer. My advice? Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.comJan 25th 2012
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