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If i upgraded to a higher paying job at a different company 1 1/2 years ago will it affect getting a home loan?

It is still the same industry and similar position. What can i do to get approved sooner than my 2 year mark? by cj.christopher45c... from Riverside, California. Dec 16th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Not sure where you got that info from, but there is no need to wait 2 years.. if your in the same industry, then we can use the new income once you received your first pay check.. if your looking to get a home, you should get out there right now and get it.. prices and rates are going up.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 16th 2013
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Mina Galab (minagalab@gmail.com)
#122 ranked lender in New Jersey - 92 contributions

William did a good job explaining it, if you are in the same industry you don't have to wait at all, it is like an upgrade.

Dec 16th 2013
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Keith Geller (renet01)
#378 ranked lender in California - 5 contributions

If you are a W-2 employee and have a W-2 from Last job in 2011 and current job in 2011 and 2012 along with year to date pay stubs you should be good to go.What type of loan program are you looking for?

Dec 16th 2013
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

There are some new income rules for 2014.. It has to do with what type of industry that you are in, and what type of continuous work history.. I have a great loan officer in calif. please email me at lwintersteen@mprousa.com

Dec 16th 2013
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 258 contributions

As long as you're in the same line of work it won't matter. Actually, time on the job or being in the same line of work really doesn't matter at all if you're connected to the right lender, and here's why. I recently did a purchase loan for a lady who worked as a customer service person in the bakery department of a Vons, and as a cashier/hostess at a buffet/sushi restaurant. Each job was part time (20 to 30 hours weekly) and lasted about a year. About a month before her loan closed, she decided to take a full time job at an import/export company without telling me. This can be the "kiss of death" during a mortgage loan transaction because, obviously, she can't possibly have been on the new job 2 years. In addition, it was, what appeared to be; completely unrelated to her previous 2 part time jobs. That was 2 strikes--1 more and she would have been out! Fortunately, I was able to get the lender to agree to accept her new job on the basis that it was full time, so, maybe; the income from it could be used to qualify for the loan. However, the lender later requested that a letter of explanation (LOE) be provided to explain how her past employment was similar to her new employment in order to use the income for loan qualifying purposes. Because LOEs must be written in a particular manner in order to be acceptable to lenders, and I want the mortgage loan experiences to be as stress free as possible for my clients, I write LOEs for all of them. Needless to say, this was an exceptionally challenging issue, but I was able to craft a letter linking my client's experience from her old jobs to her duties of her new job in a manner that was accepted by the lender. This particular loan was so complex that I had to, literally, write a RAFT of LOEs--12 in total! Despite all that had to be done to complete this loan, and my client had far greater issues than those that could be resolved by writing LOEs, it was done in just 34 days from loan submission. So, that is why your employment history is absolutely no problem at all in regards to your being able to qualify for a mortgage loan. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Dec 16th 2013
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Eric Vander Werff (ericvw@stearns.com)
#29 ranked lender in Idaho - 12 contributions

Sounds like you are ok to apply right now if you are in the same line of work and making more money. Good luck!

Dec 16th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

Yes... It will let you qualify for more... People think you need to be at a job two-years. That is not correct unless you are self-employed, or work on commission... and even then if you have a history in the field, two-years may not be required. Contact your local mortgage broker - and don't worry about it. www.Minneapolis-Mortgage.net

Dec 17th 2013
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