As long as you stay in the same line of work, taking a new job would be fine. If you plan on taking a job with overtime, bonus or commission know you need a 2 year history in order to use the income. It doesn't sound like self employment income is involved but if there was any self employment income, a full 2 years are needed as well.
If in doubt, call because sometimes talking with someone to run a scenario by them helps so you can prepare.
Good Luck! and feel free to contact me if you would like to know who my preferred lenders are. I am more than happy to help.
Congratulations on preparing to purchase your home. You are taking pro-active steps to ask the right questions many buyer's forget to ask.
Yes, taking a different job in a new field would affect you lenders ability to qualify you. If you remain in the same field then I don't see a problem. I would double check with your Mortgage Broker, or Banker and find out what they have to say. Good luck on your purchase!! I hope this information is helpful.
Kimberly Kinville, Realtor
East Metro Specialist
My advice regarding the financing is find a reputable lender to work with and be sure you are satisfying all areas of qualification not just income alone.
Keller Williams Central Delaware
Just make sure your new & better paying job is in the same field. I recently had a Buyer who couldn't qualify even though she had gotten a job that paid $25,000 more per year because it wasn't in the same field and she couldn't prove it was a permanent position. If the new job, even if in the same field, has a probation period, you may not be able to qualify until that probation period has ended.
Best of luck to you in your house purchase.
Great question! Also, it's nice to see that you are thinking of these things first. In any case, check with your lender on this. If you do not have a lender, my team would be happy to help. You can reach me at: email@example.com. If your new job is in the same line of work and has a similar pay structure, then you should be fine. Jobs that pay based on commission or primarily bonus income could create a problem if you don't have a history of receiving this type of income. Also, your lender will wanty to see that this is a permanent position. If your new emplyer hires you on with an initial "probationary period", then this may delay your loan approval. I hope that this helps a bit.
You definitely want to talk to a lender about this to see what he/she recommends.
However, it is my understanding that if you change fields when you change jobs, that could potentially hurt you. In other words, if the new job is a different kind of work from what you did previously, the lender doesn't have as much to go on.
Also, with unemployment at record high rates, you could be in a more vulnerable position if your new employer needs to make personnel cutbacks later. Good luck.
Maggie Hawk, REALTOR
Watson Realty Corp.
I'm not sure why you would want to wait a year. It is hard to answer without more information. But, my first answer would be to find an honest, qualified lender. They will be able to tell you guidelines for underwriting where employment is concerned. I work with several very good lenders, but the guidelines do not seem to be the same from one to another. Sometimes I'm told as long as it is in the same line of work, it doesn't matter. Sometimes I'm told you need a minimum of two years at the same company and so on............
Check with a lender and then get moving. Home prices are low and so too are interest rates. I'm not sure why you would want to wait!