Home Buying in New Orleans>Question Details

Duane, Home Buyer in New Orleans, LA

Closing on my home in 3 weeks, Received a second Job offer. Will this affect my loan process with the Soft Second Mortgage?

Asked by Duane, New Orleans, LA Thu Dec 13, 2012

Hi, I"m a first time home buyer and I should be closing within the next three weeks using the soft second mortgage program. I've received an offer to work a part time job along with my full time job. My question is will this second job affect my loan? I've been approved for my First mortgage already and i'm currently waiting on the city to disburse their funds. I was considering accepting the job because my closing date is so close and I assumed that this wouldn't conflict with the process considering i'm so far into the home buying process also. Thanks in advance! :)

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7
Michelle Gonzalez ’s answer
Is the soft second a low income program? If so, then you need to disclose this job to your lender ASAP to see if you still qualify. If it's just a standard loan then of course the more income the better. Either way, let you lender know what is going on.
0 votes Thank Flag Link Tue Jan 1, 2013
More money is always better money. The second job can only help your situation. Good deal on the job and use some of that second job to pay down on your mortgage!
0 votes Thank Flag Link Tue Jan 1, 2013
Hi Duane I responded to one of your previous post. All reportable income prior to closing will have an impact. It may not exclued you but it could. Why becaue the program is income based,. Meaning they are required to consider all of your income to determine if you meet the requirements. When you say approved I'm not sure if you have completed ALL of the underwriting with your lender.

Be sure to ask your lender specifically what is the maximum amount of income for your Total household. Thats ALL working persons not just yourself when they consider the household income for the program. ALL persons married or not. Also unrelated persons working within the household who may be moving into your new home.

This is from the program requirements. I helped create it.

I hope this helps. Good luck.


CCS Realty, LLC
New Orleans, La
504-304-2307
0 votes Thank Flag Link Tue Dec 18, 2012
Duane,
Not to sound like an echo chamber, but your lender will have the best sense of how this will affect things, if at all. That said, adding additional income and employement shouldn't be a problem as long as it doesn't affect your full time job. Whether you should even add this to your application will depend on when you start the job and if you need to disclose the additional income. Typically a lender will wait until you have at least 30 days worth of pay stubs to even consider this, and as an additional job I doubt it would be considered at all for a while.
Talk to your lender and see what they suggest.
0 votes Thank Flag Link Thu Dec 13, 2012
Lisa,
I'm not familiar with the program, but since the new job won't even register a pay check until after this loan likely closes, should it be an issue?
Flag Tue Dec 18, 2012
Dan, for this particular program, additional income may very well mean a lower soft second mortgage loan. Are you familiar with soft seconds?
Flag Fri Dec 14, 2012
Yes... Talk with your lender!!! I
0 votes Thank Flag Link Thu Dec 13, 2012
Duane, you have a real estate agent and a mortgage broker you are dealing with yet you decide to post a question to complete strangers who do not know the first thing about your circumstances. My question to you is why would you do that? Why are you not speaking to individuals who might give you the correct answer?
0 votes Thank Flag Link Thu Dec 13, 2012
Duane, this is a question for your lender, who has all of the income information and program guidelines.
0 votes Thank Flag Link Thu Dec 13, 2012
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