Financing in San Francisco>Question Details

Rocketdude, Home Buyer in San Jose, CA

Could employment from a foreign company affect my mortgage approval?

Asked by Rocketdude, San Jose, CA Tue Jun 19, 2012

I'm in contract on a property (short sale, long process) and I'm pre-approved for a mortgage. Now, I'm preparing to take a new job. The company is overseas, and I will be one of only two people in the US. The job is full-time.

My income, industry, type of position etc. are pretty much identical.

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Answers

5
Gabriel Rojas’ answer
If you're in contract already then this should not be an issue. However, make sure that you fully disclose any information to your agent as they are there to advise you.

There is some good input below.

Best of luck!

Gabriel

415-562-6999
gabriel@climbsf.com
0 votes Thank Flag Link Wed Jun 20, 2012
You should have a loan agent already to address this issue. As long as your new job is in the same line of work and it's not a temp position, you should not have a problem getting an approval.
Good luck
Sieng Nguyen
0 votes Thank Flag Link Tue Jun 19, 2012
As you are in contract, you have an Agent and a Mortgage person. Please talk to them and get the Real Facts concerning your specific position, Remeber, they are there for you!

Good luck,

Matthew
0 votes Thank Flag Link Tue Jun 19, 2012
Are you relying on overtime, commissions or bonuses to qualify for this loan? If so, be careful; the Underwriter could require two years on the job with the new company before they will include overtime, commissions &/or bonus income. Again, if this is the case, your loan originator should be able to argue that your income structure is normal & customary for your position in the industry.

If you are not relying on overtime, commissions &/or bonus income, you should be fine.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.HomesByLender.com/phoenixne

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
0 votes Thank Flag Link Tue Jun 19, 2012
Based on your limited info here, you should be fine. The person you really need to hear this from is your present lender's loan officer. It is, after all, their call!

Best wishes on a smooth closing...Jim
0 votes Thank Flag Link Tue Jun 19, 2012
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