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Want to leave my job but also buy a place - thoughts?

Hi. I absolutely hate my job and it is taking a toll on my health. So staying for another year is out of the question. My three years are up in January and of course I plan on sticking around until then. I have about three other firms that are interested in courting me. However, I have been renting for years and would like to buy. Plenty of cash for down payment, great credit, no outstanding debts etc etc and I've been offered 90K with my favorite prospect. I've been told switching jobs will hurt me nonetheless...is this true?? Even if I've just switched but the position is secured? Thank you. by j.vondessejr_198425 from Topeka, Kansas. Nov 6th 2013 Reply


Alan Akers (AAkersLeader1)
#55 ranked lender in Kansas - 2 contributions

We can qualify you off a new job once you have been there 30 days. (sometimes even with a salary letter and a first paystub. So leaving your job if you have a new one lined up wont necessarily hurt you in getting qualified, it will just postpone how quickly you can close on the home. Feel free to contact me further and i can help you get qualified and answer any other questions you might have. 913-227-4873 Alan Akers LeaderOne Financial.

Nov 6th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Switching jobs is usually not a problem so long as your in the same line of work / profession and your pay is the same, IE... commissions, salary, hourly, etc.. the only problem that could hurt you would be if your paid hourly or salary now, but you switch to a commissions job.. then the lender would want to see 2 years commissions to determine your eligible income.. if this is not your scenario, then you should have no problems.. you will have to have 30 days pay stubs, so you'll have to wait till you get paid, but the job change should not be a problem... 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. 480-287-5714 WilliamAcres.com

Nov 6th 2013
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Mike Purkey (mpurkey)
#44 ranked lender in Kansas - 26 contributions

J, Typically, switching jobs will not hurt you, especially if it is in a similar field of work. However, you will need to have at least one month of paystubs from the new job before you close on a home loan. I would be glad to discuss it with you further. Please shoot me an email (mpurkey@primeres.com) or give me a call (316-259-5862) when you are ready. Thanks, Mike

Nov 6th 2013
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

Alan is right on the mark. You may have to do a letter of explanation if your income is less in your new job but as long as the debt to income ratios and credit are good you should not have a problem. If you have questions I am here in Topeka. You can reach me at 273-5004 or 806-4127.

Nov 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

As long at the new job is a permanent position and in the same line of work you shouldn't have problems. I've even had customers approved where they have not even received the first pay stub, depends on the overall details. Some lenders have more stringent requirements than others so if one says it is a problem check with others.

Nov 6th 2013
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Ok should I write the letter starting now? Before the whole loan shopping process I mean?

Nov 6th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You should apply first, and get pre approved. The Letter of Explanation is necessary to accompany your loan packet when it's ready to be submitted to underwriting.. your lender will help you write the letter. 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. 480-287-5714 WilliamAcres.com

Nov 6th 2013
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Korwin Wall (Korwin Wall)
#2 ranked lender in Kansas - 37 contributions

No the letter(s) of explanation would be required if the underwriter requests it. I was just trying to let you know there may be a couple things you might have to do to satisfy the underwriter during the process. But you should be fine qualifying. Not sure when you are planning on switching jobs but it would make sense when you are ready to start looking for a home you get pre-qualified and find out the price range of home you can afford.

Nov 6th 2013
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