Changing jobs / getting a mortgage ?

[midjd]

I think mortgage companies generally want 2 years of tax returns and a month or two of paystubs/bank statements as income verification. I'd say as long as neither show a gap in pay, you should be fine. Raeoflyte would probably know for sure, though.

[andi9899]

Jul 11, 2012 8:15:07 GMT -5 @wrongsideof30 said:

Is it difficult to get a mortgage after getting a new job? If there isn't a gap in employment and the pay is the same or higher, is there a certain amount of time that you have to wait before a mortgage company will lend to you?

They look for 2 years at the same company, or in the same industry. At least, that's the way it was many moons ago when I was a loan officer.

[Deleted]

Jul 11, 2012 8:51:38 GMT -5 @wrongsideof30 said:

Jul 11, 2012 8:42:13 GMT -5 andi9899 said:

They look for 2 years at the same company, or in the same industry. At least, that's the way it was many moons ago when I was a loan officer.

Well that stinks. I was hoping if there wasn't any sort of gap and the pay was at least the same, it wouldn't be a big issue.

If it is the same industry, you should still not have a problem. My DH got a new job less than six months prior to our mortgage in Dec 2009, but since he had been in the same industry (and was making more) there was no problem.

[andi9899]

I've seen them use a pretty broad definition of the industry before. So for instance, I worked at a grocery store before I did insurance. I would have said I have been in sales for x number of years.

[raeoflyte]

Generally you should be okay if there isn't a gap in employment even if you change industries for most programs now. You may need to be employed at the new employer long enough to get a 30 day ytd paystub--so assume about 6 weeks.

Times that changing industries will hurt you: If you are starting a job with commission, bonus, or self employment income you will need at least 1 year of tax returns to support the new income, and probably 2 years. Or if in the last 2 years you have been in school for one industry but just got a new job in a different industry (and I mean just got a job so it may look like you only have that job to qualify for the loan and will quit after closing). I would suggest writing a letter of explanation that explains the change in industry and why you expect your income to be stable/go up.

Call around to a couple different lenders and get their take on it. Since you don't have the new job yet (I'm assuming) ask if the loan officer can confirm with underwriting what documents they will require to document the change in jobs/industry. I love loan officers (they are why I'm employed!) but sales people aren't always very detail oriented and you really want to know the nitty gritty on this so you're prepared.

[thyme4change]

In the olden days, I never had a problem. I had an increasingly steady income, so they didn't seem to care if I left my job of 5 years and started another. They didn't ask what industry - but they did ask what type of work I did. So, I was a financial analyst in the technology industry, the airline industry and the retail industry. It is probably better that way - as I proved if one sector takes a , I can go analyze something else.

[shanendoah]

Back when we bought our first house, DH changed jobs while we were in the process- he went to a job with more hours, better pay and benefits, and yet it knocked us out of the "good credit" program into the "iffy credit" program, and sent us from an honest and responsible mortgage agent to one who tried to convince us we could afford more house than the first guy told us we could (because the iffy program allowed ARMs and interest only loans, that we had absolutely no desire to be part of.)

[Deleted]

My wife changed jobs during a refi last year, they didn't care.