Home Buying in Atlanta>Question Details

leelaferngitt, Home Buyer in Atlanta, GA

Changing industries and getting a home loan?

Asked by leelaferngitt, Atlanta, GA Sat Jul 26, 2014

My husband is about to go back to school to pursue a different industry than the one he currently works in. His income will be double what it is now in his new industry. He will be done with school in two years which is also when we would like to be able to purchase a house. How much would changing industries effect our ability to be approved for a mortgage? He is planning to work part time while he is in school, however that work will most likely not be in his new industry. We have great credit, I work full time, and we will have at least 10% saved for a downpayment. Will it be possible to get approved for a mortgage when he gets out of school and gets a new job in his new industry?

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2
Typically the banks want to see a few months of pay stubs depending on the type of loan when changing careers. Some may require more depending on the other factors involved.

Chris
0 votes Thank Flag Link Mon Jul 28, 2014
My best advice would be to contact a lender and ask for a preapproval letter. They'll run your credit and employment history and see how much a bank will be willing to lend you for a loan. You'll need that letter when you put an offer in on a house anyway. But with great credit, and you having a full time job, it shouldn't be too hard getting a loan.
0 votes Thank Flag Link Sun Jul 27, 2014
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