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MlmRN, Other/Just Looking in Seattle, WA

how long do I have to wait after getting a new job before I can be approved for a home loan?

Asked by MlmRN, Seattle, WA Thu May 10, 2012

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12
Hi Mimm,

In general, you need two pay stubs. However, you must be working in the same career / type of job for two years. I can refer you to an excellent, very knowledgeable lender who can answer this question for you with clarity, based on your personal situation.

if you are wanting to purchase soon, in the Seattle area, you will need to be "pre-approved" for a loan and many of us Realtors have great, very experienced loan officers who we can recommend, whom we know will get the loan closed. Getting a lender who can give you the upfront advice you need to get to the closing table is crucial in today's market.

You can find me at http://www.karenmcknight.com .

Warm Regards,
Karen
0 votes Thank Flag Link Sat May 12, 2012
I am in the same line of work, different employer. I have been employed in the same field for nearly 4 years, but only 9 months with my current employer, no gaps in employment.
My husband was with his employer for 3 years, was laid off and during his lay-off was receiving GI bill benefits to go to school. He is going to start a new job (new employer, new field) next week. If you count the GI bill as income, he has had no gap in income either.

I am just worried they will make us wait a year or two (that would KILL ME).

Thanks for all of the answers. I've contacted a realtor and a financial agent to help us, we are waiting for her to email back after her maternity leave ends this week.
Flag Sun May 13, 2012
If your new job is in the same industry as your previous job and you have been in that field for two year for more your lender may not have an issue.

Is this a promotion? If so, in this case being new on a job may not be an issue.

Best of luck to you.

Kawain Payne, Realtor
0 votes Thank Flag Link Thu May 10, 2012
A lot depends upon your new job. Were you employed before? Are you changing jobs for more income in the same field, if so then an employment agreement would suffice.
0 votes Thank Flag Link Thu May 10, 2012
Hello,

There are exceptions to the rule, but typically you need to have 30 days worth of paystubs. Please let me know if you have any other home loan questions.

Thank you,

Chuck Chrobak
Sterling Bank
425-893-5723
0 votes Thank Flag Link Thu May 10, 2012
More likely than not your husbands GI bill will not count as income but it will explain the gap in employment with the lay off. It is possible with your income alone though that you could still qualify for a home loan depending on what your debt to income ratio is. One would have to speak to directly and get many more details to come to this conclusion. Hope that helps:-). Good luck
0 votes Thank Flag Link Thu May 10, 2012
If it's similiar work you might not have to wait loing at all. Your lender will want some idea that the new job is stable; that's where the 2 pay stubs come into play.
0 votes Thank Flag Link Thu May 10, 2012
Tonya gave you the correct information. Please contact either her or myself & we can let you know after a brief conversation what we think as loan officers. My cell number is 206-841-9976.
If I do not hear from you, good luck,

Jirius Isaac
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Thu May 10, 2012
I am in the same line of work, different employer. I have been employed in the same field for nearly 4 years, but only 9 months with my current employer, no gaps in employment.
My husband was with his employer for 3 years, was laid off and during his lay-off was receiving GI bill benefits to go to school. He is going to start a new job (new employer, new field) in the next month or so. If you count the GI bill as income, he has had no gap in income either.

I am just worried they will make us wait a year or two (that would KILL ME).

Thanks for all of the answers. I've contacted a realtor and a financial agent to help us, we are waiting for her to email back after her maternity leave ends this week.
0 votes Thank Flag Link Thu May 10, 2012
That depends. In some cases, a lender will want to see 6 months to 2 years of stable employment history. Is your new job a promotion within the company where you've worked for several years? Is your new job in the same line of work where you've been employed for some time ---but with a new employer? Or, is this a new job where you have less than two years experience? There are a number of variables and you need to talk to a lender and have them review your employment history. I recommend talking to a local community bank or a credit union. You may find they will be more receptive to working with you if you're new to the job market. A mortgage broker is another choice, and mortgage brokers usually have access to a wider variety of loan products.

Good luck!
0 votes Thank Flag Link Thu May 10, 2012
Have you been employed for the last 2 years? Or receiving income such as a pension, disability, interest/dividend or self employment? Most lenders will require a 2 year year history history and gaps in between to be explained. Depending on how long you have been on the new job and how close it relates to the previous employment. Usually 3-6 months
0 votes Thank Flag Link Thu May 10, 2012
You need a loan officer to answer that, because it would most likely depend on the type of loan, your past employment history, and the nature of the job change. I've seen people qualify right away.

You're on the right track though. Getting your financing in line is the first step. You need to find a loan officer.
0 votes Thank Flag Link Thu May 10, 2012
They usually want to see a history of employment then for sure 2 pay stubbs. It all depends on the type of loan.
0 votes Thank Flag Link Thu May 10, 2012
VA loan
Flag Thu May 10, 2012
even if it is in a new field? I have a job in the same field (not new, I've been there 9 almost 10 months), but my husband was laid off 6 months ago and now is getting a job in a new field (higher pay). I was just wondering if they'd make us wait to get a loan.
Flag Thu May 10, 2012
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