Financing in 78251>Question Details

drenhattie, Home Buyer in San Antonio, TX

How strict are lenders regarding length of time at an employer? My husband and I just relocated .

Asked by drenhattie, San Antonio, TX Sun Sep 22, 2013

I am in the same line of work, he is not. We have excellent credit and assets. We plan on staying in our new area for a long time and would rather buy than rent. We already own another property where we came from and have rental income.

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Cleve Wilson’s answer
Every situation is unique and it would be best to talk with a knowledgeable lender and find out for sure. I would be glad to have my trusted lending broker call you personally. Call or email me tomorrow. 2103938835
0 votes Thank Flag Link Sun Sep 22, 2013
Every lender has different guidelines and qualifications. I recommend shopping around with a few lenders before making a commitment. Your realtor should have numbers of a few lenders to get you in touch with
0 votes Thank Flag Link Mon Sep 23, 2013
Not a problem We can help. Please find your next Home at http://www.JoseSellsSanAntonio.com
It is free and updated every fifteen minutes.
Good Luck!
0 votes Thank Flag Link Mon Sep 23, 2013
Hello, we just had a similar situation with a buyer on one of my listings. We closed last week. His first lender couldn't qualify him a week after our closing date but fortunately my preferred lender got the job done. It really does make a difference on which lender you choose! Please contact me and I'll give you the info.
Best regards,
Becky Flores, REALTOR
Keller Williams Heritage
210-710-6478
0 votes Thank Flag Link Mon Sep 23, 2013
Not as simple as everyone is making it sound, the entire loan application is underwritten, not just one part, like employment. The nature of your new jobs versus the previous employment is not the only condition. If either of your new jobs has a probationary period most lenders will not close a loan until after that period has expired. That is just one example of how specific the regulations are. Another example, your previous home being rented has an entire set of rules just for that type of situation, and the length of time it has been rented and how much equity there is in the home comes into play. The reason I point these two out is to show just how specific lenders must be in order to follow the guidelines. Choose a Realtor and then have them introduce you to the local loan officer they trust the most, gather up all of your support documents and meet face-to-face to review them. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Sep 23, 2013
The keys will be if it is the same general field of work and the income is the same or more. Check with a local and trusted loan officer who can guide you to what you may need to submit with your mortgage application to apease the underwriter.
0 votes Thank Flag Link Mon Sep 23, 2013
Length of time at a job is not as crucial as the stability of your income. It sounds like you should not have a problem with getting qualified.

Please call me to discuss your scenario.

Also, feel free to check out references from past clients on this site.

Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
210-685-7642
valonzo@castlecookemortgage.com
0 votes Thank Flag Link Mon Sep 23, 2013
Vino is wrong.... Please ask a lender when you have lending questions..... not some real estate agent.....
Flag Mon Sep 23, 2013
I would suggest speaking with a lender who will be able to evaluate your situation. I know of potential home buyers who ran into problem because they relocated and started new jobs, so they actually had to wait a while.
0 votes Thank Flag Link Sun Sep 22, 2013
the Dodd-Frank act limits lenders, but restrictions seem to be easing somewhat. If you have been in the same type of work, it does help. Your rental income will be counted as about 75% of its face value, and you will need to have good credit scores. I recommend Kirt Edmondson at Gold Financial as being a solid, straightforward loan officer - I have steadfastly followed her for more than 20 years, because she has been so good to my clients. Rules are changing every day. If you have savings, and good credit, and jobs to come to, you can get a loan. If you cannot get through the process for a loan that will be sold on the secondary market, a credit union is a great source. They carry private portfolio loans, and are not subject to the same stringent rules as those under FHA and VA and Fannie Mae and Freddie Mac. If I can help to to locate a house, please, give me a call.

Anita Reeves
Amberson Realty
210/590-9101
0 votes Thank Flag Link Sun Sep 22, 2013
Hello, I would be happy to have my lender give you a phone call if you like. Call me anytime, I will forward her information to you. Thank you so very much for reading.


Susan Casas
210-835-6696
0 votes Thank Flag Link Sun Sep 22, 2013
Hi,

I hope are doing well. Although a lot of lenders may consider this an issue, We certainly would not. If you would like to have a full underwriter approved loan within 2 days, please contact me. We do not just prequalify you with a loan officer. We offer full approval from the final decision maker...our underwriters.

You can call me at 210-789-2870 or email me at jon@nicholshomelending.com

Thank you,
Jon Nichols
0 votes Thank Flag Link Sun Sep 22, 2013
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