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I want to buy my first home within the next 6 months. Should I wait to change jobs?

If I take a new position, it will be for higher income. But I'm unsure if it would be better for me to apply while I'm at my current position since I've already been here for 6 years. by tattooman685 from Pinos Altos, New Mexico. Feb 4th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

The answer depends on several answers. A job change 3 or more months ago generally won't hurt your approval chances but take into consideration the following: If the new job is with the same company, and your pay structure remains relatively the same, you should be OK. Relatively the same means that if your current position has No Bonuses, Commissions or Overtime (BCO) and the new one doesn't either, your OK. If the current position does Not have BCO and the new one does, it is likely the BCO on the new position will not be included in your qualifying income until you have a 2-year history. If you are changing companies, same as above if paid on a W2 and no BCO. If the new job is paid on a 1099 or it contains significant BCO pay, then it could hurt you. The best way to know for sure is to have an honest conversation with your Loan officer about what the income changes are in your situation. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, OR, WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Feb 6th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,421 contributions

As long as you are going to a new job as an hourly or salary position, it really isn't any issue. If you are going to commission, 1099 (self employed), or any sort of variable income or hours, or want to try to use overtime or bonus income to qualify, then you'll need to be at the new job for at least two-years. Best to just reach out to your local mortgage broker to discuss the new job. I lend in MN WI IA SD ND, and can be found at Cambria Mortgage, NMLS 274132

Feb 12th 2021
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