real estate advice!! please help!

kingon8
kingon8 Posts: 200 Member
in Chit-Chat
Okay so we were pre approved for a loan, we have not found our house yet, I got a job offer that is much better than what I am doing now. is it going to affect my loan if i change jobs???

Replies

  • kingon8
    kingon8 Posts: 200 Member
    Okay so we were pre approved for a loan, we have not found our house yet, I got a job offer that is much better than what I am doing now. is it going to affect my loan if i change jobs???
  • icandoit
    icandoit Posts: 4,163 Member
    You need to talk to your lender. There are so many things that can jepordize a loan. Good luck to you!
  • Mufasa0331
    Mufasa0331 Posts: 334 Member
    Okay so we were pre approved for a loan, we have not found our house yet, I got a job offer that is much better than what I am doing now. is it going to affect my loan if i change jobs???

    I am in mortgage...have been for 6 yeas as of this month. Yikes I am starting to climb up there in age now lol...kidding

    Is the job going to be in the same field, and what type of loan are you pre-approved for? FHA, Conventional, USDA, VA? There are different guidelines for each product type.

    I would double check with your Loan Officer as to which type of loan you are qualified for and ask him to double check that their company's Underwriters will allow for the change in job.

    More than likely you will be ok, but you will need to provide a copy of the offer letter and and you will have to have at least one paycheck stub from the new job prior to closing. If you have any questions you can message me

    Hope I gave you a bit of piece of mind! and btw congrats of looking for a house and the new job!
  • kingon8
    kingon8 Posts: 200 Member
    yes you did thanks! it is fha, and my lender said as long as it is a job with set hours and a set wage(not commision) then it shouldnt be a problem. :bigsmile:
  • 13RicLang13
    13RicLang13 Posts: 59 Member
    Yes, employment history is important
    Job stability in of the most important
  • luvmygrls77
    luvmygrls77 Posts: 6 Member
    Honestly I’d be scared to change jobs while in the process of getting a house. I know my lender looked at not only how much I made but how long I’ve worked there. It’s really up to the underwriter though and a fha loan is pretty strict. The loan officer will tell you one thing only to find out that the underwriter wants something totally different. I would hold off on either the new job or the house for now.
    Take the new job, pay off as much debt as you can, don’t open new cc or get a new car, then apply after a year. You’ll qualify for a much better loan and you’ll also know if the new job is working out for you. Good luck!
This discussion has been closed.

Categories