Me and my husband were thinking of buying our first home. I was wondering if it is bad for me to change jobs before we apply for a loan, even if it pays more.Will changing jobs before applying for a home loan effect my eligibility?It can affect eligibility, but it won't necessarily be a reason to turn you down.
My wife got a new position (as a temp) in May of 2005. She was hired permanently in September 2005. We closed on our house in November 2005.
In her case, she stayed in the same line of work and her income went up. Her job change diod not affect the status of our loan.
I also purchased a new truck in July of the same year (payments went up, but not by a large margin) and that also did not affect my loan.
I do recommend discussing budget with your loan officer or mortgage broker and asking about preapproval. This will make the buying process much smoother. It will prevent many potential delays in closing and will also prevent any potential embarrassment if you can not afford the house you want to buy.Will changing jobs before applying for a home loan effect my eligibility?I wouldn't recommend changing jobs. The length of time you spend at your current job is a HUGE factor in your home loan as is your income. Even if it pays more, I would hold off until the loan goes through. As in you sign the final papers and get the key to the house.Will changing jobs before applying for a home loan effect my eligibility?Yes, it can affect the outcome of your loan application. Generally, lenders like to see that you have been at a job for at least a year. If you want to change jobs, I would wait until after you are approved for a mortgage to change.
Good luck.Will changing jobs before applying for a home loan effect my eligibility?The major concern is whether it is a job in the same field or a diferent field of work.
For example if you are an engineer and change companies, but are still an engineer at the new company it will not have an effect, becauese you are in the same liine of work.
However if you are an engineer and change jobs to a different line of work, then it will have a large negative impact.Will changing jobs before applying for a home loan effect my eligibility?Yes it will -if you are applying for a stated income loan.
If you are going full documentation not really as long as you continue to work in the same field. Ex - Nurse moving to a different hospital.Will changing jobs before applying for a home loan effect my eligibility?It can create a hurdle, but not necessarily if the change is a lateral move. That is to say, if you are doing the same job for a different company. It is best to talk about the specifics with your mortgage broker.Will changing jobs before applying for a home loan effect my eligibility?It's o.k as long as the job you are changing to is in the same line of work you have been doing.. Otherwise if it's not then then underwriting will not like that.. Usually you have to be on the job for 2 years.. If it's the same type of work you do now then take the job if not take the job after the loan closesWill changing jobs before applying for a home loan effect my eligibility?Won't hurt you UNLESS it is in another line of work.
Don't go from a nurse, to a receptionist.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
