Home Buying in 92880>Question Details

Sofia Chacon, Real Estate Pro in Corona, CA

Can you purchase a home if you changed employers recently?

Asked by Sofia Chacon, Corona, CA Fri Jun 8, 2012

If you are in the same LINE of business you can. Or if you have a reasonable explanation, for example if you were a student and are now able to buy.

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Answers

22
Claudia Muller Gravelle’s answer
Absolutely!

The borrower presents the offer letter to the lender.

Loan can fund with the receipt of the first paycheck.

Commission and bonus must be average and must show on the paycheck. Where you could run into trouble here is if one company refers to commission as bonus and the other refers to bonus as commission. The term must flow from job to the next

Student can buy with new job if he can show how his education is related to the new position. Get a copy of the dipoloma. Dipoloma shows degree in accounting. New job is in an accounting position. We can also count paid or unpaid internship with the degree for continuity.

When in doubt...have the borrower talk to an experience loan agent!
1 vote Thank Flag Link Fri Jun 8, 2012
Yes, if they are similar, we can tie them together. Never disqualify a buyer without them speaking with a Lender and of course all Lenders vary as many require a minimum 620-640 fico which my bank doesn't. Some banks require a minimum 620 fico to do VA and my bank doesn't have a fico requirement.

I specialzie in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. Yes, a student out of college and started a job may qualify for a loan with one month pay stubs. I offer the CHF Access half percent down payement program with a minimum 580 fico score to qualify which can also contribute towards their closing costs as well. If your fico is between 500-579, you will need 10% down. Conventionall with under 660 fico is 20% down, minimum 660 fico is 5% down and with a minimum 700 fico qualifies for 3% down conventional. USDA Rural requires a minimum 620 fico to qualfiy. Super Jumbo up to 2 million requires a minimum 740 fico.

Here is a link, flyer, maximum income limits on CHF Access and a needs list to gather for processing a loan approval. CHF Access requires a minimum 580 fico up to 417k and then up to $729,750 requires a minimum 600 fico score to qualify FHA. Let me know if I can be of any assistance as I assist Agents/Brokers clients throughout CA.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq

CHF Access income limits http://tinyurl.com/8lzf8he

Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2

Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
2 votes Thank Flag Link Sat Nov 17, 2012
Of course you can..

...depends on the lender and how long you have been in the "same line of work"

Sofia you are a Broker with Keller Williams, why...the ?
0 votes Thank Flag Link Fri Aug 8, 2014
Unfortunately, it depends on your exact circumstances and the lender. You can contact several lenders and select the one you feel most comfortable working with.
0 votes Thank Flag Link Fri Aug 8, 2014
It's ok to change employers as long as you remain in the same line of work.
0 votes Thank Flag Link Fri Mar 21, 2014
Frank said it best. Most lenders have programs that allow you to get financing if youve been in the same line of work for at least 2 years. If you need a really good lender to contact for information... a great resource is a senior loan officer that works at WJ Bradley. Christine Eskina 909-229-2785 . I cannot give a stronger recommendation and ive worked with many lenders. No one comes close to the service and knowledge she provides.
0 votes Thank Flag Link Fri Mar 21, 2014
If you are in same line of business, Example if you are a banker changing the company but still in banking industry, you won’t have a problem.
0 votes Thank Flag Link Wed Sep 11, 2013
Definitely. It's easiest if you've changed to another job in the same line of work (i.e. teaching at one school to teaching at another).
0 votes Thank Flag Link Wed Aug 28, 2013
If you have stated in the same profession but just changed employers then you can.
0 votes Thank Flag Link Wed Aug 28, 2013
Is the job consistent with the job you had before meaning if you are a DR.as an example are you still a Dr.Is the income better then before ,lots of factors play into the purchase.HENA MARTIN 760-251-2868
0 votes Thank Flag Link Thu Jan 24, 2013
Hi There Sofia,
Depending on the lender's guidelines, typically a two-year documented work history is required to obtain a home loan. However, a recent college graduate regularly employed full-time in the same field as their major should be eligible if they can provide the following but not limited to: 1) a letter from their employer verifying their employment and 2) verification that their line of work is related to their education. Again, there are many variables so I would check with a lender just to be sure. Best of luck!
0 votes Thank Flag Link Wed Jun 27, 2012
Sometimes you have to ask yourself,.... Would a stranger loan me a couple hundred thousand dollars based on my credit score, work history and money in the bank?
Go talk to a few MORTGAGE BROKERS, who have 20 plus years in the business as they know all the ins and outs.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomebuying.org
http://www.socalhomebuying.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Tue Jun 26, 2012
The short answer is YES. However, proceed with caution. Lenders will analyze whether or not each borrower's income will be reasonably expected to continue through at least the first three years of the new home loan. So, if you have changed employers, with substantially the same income, that will help. As Sofia mentioned, if it is the same line of business that is also a positive.

Another entity involved would be a reasonable explanation of what transpired. Why did this happen? Were you forced to leave, and if so, why? Does this change of employer involve higher pay, better benifits, etc?

There are several factors that should be thoroughly addressed AND presented to the lender PRIOR to making an offer. You DO NOT want to be in a battle after escrow has been opened. Legitimate lenders can help you with this matter BEFORE you actively begin searching for a home loan.

You DO NOT want a worthless letter from a loan officer stating you are qualified for a home loan based off of your current income, fico scores, etc. You want a DU Approval stating such. This is much more meaningful.

Good luck!
RIch
951-751-2105
Web Reference: http://www.richconley.com
0 votes Thank Flag Link Tue Jun 26, 2012
It usually isn't a problem, but check with your lender regarding this question is your best solution.


Diana Margala
Web Reference: http://dianam.com
0 votes Thank Flag Link Thu Jun 14, 2012
As others have said, if it is within the same line of work or there is a valid reason for a new job such as a student who is just entering the workforce within the field they studied for there shouldn't be a problem. Consider consulting an experienced loan officer for more information. Good luck!
Web Reference: http://www.MunnRealty.co
0 votes Thank Flag Link Sun Jun 10, 2012
Hi Sofia,

Some good answers down below. I've run into this a few times, but these are things that can delay escrow if that change of employment happens while in escrow.....or 5 days before COE.

You also need to find out what kind of probationary period there is on employees contract. This often comes down to the quality of explanation letter and ability of the LO to package a good file.

A good loan officers would question a borrower and educate them on what to do and what not to do prior to and during escrow.

How recent you talking? 2 days? 4 months?

My borrower/buyers are successfully getting their offer accepted over other buyers (even cash) using my Preferred Buyer Advantage program. This has resulted in a 98.8% pre-approval to funding percentage. (see web reference link)

This buyer program makes it near impossible for a buyer to fall out of escrow for any loan related reason.....and sellers like accepting offers with little to no risk of fallout. This makes a Realtor's job much easier....and less stressful.
0 votes Thank Flag Link Sat Jun 9, 2012
Yes!





Lydia Kray- Award-winning Realtor
Tarbell Realtors
cell 951-733-1058
http://www.Lydia Kray.com
0 votes Thank Flag Link Fri Jun 8, 2012
If FHA and in the same line of work, no problem. If long time away from work you will need 6 months back on job!
0 votes Thank Flag Link Fri Jun 8, 2012
Yes, if you are in the same line of business, you can. This one variable will either be helped or hurt by the other credit variables that are being assessed - your credit, assets, fianncial stability, etc.
0 votes Thank Flag Link Fri Jun 8, 2012
Sofia,
As long as you have been in the same profession for at least 2 years, yes you can.
0 votes Thank Flag Link Fri Jun 8, 2012
Yes you can! However if you go from being an employee to starting your own company it will be tough. I would buy a home before making that big of change.
0 votes Thank Flag Link Fri Jun 8, 2012
It's typically not a problem.
0 votes Thank Flag Link Fri Jun 8, 2012
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