Another item to note: If you were self-employed and are now a full-time employee, then you will have a better chance of receiving an approval for a loan. If it is the other way around (full-time employee switching to self-employed), then you can almost count on the fact that you will have to wait for 2 years to receive loan approval.
It is always a good idea to check with a few different lenders in your area. I am sure that California Lending Laws differ from Texas Lending Laws.
Yes there is a general rule.
There is also something many do not know about.
a Salary earner may sometimes get a loan in 6 months instead of two years.
Contact a local loan broker or two or three.
You will know when you run into an intelligent one willing to help you.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate License # 01312992
Move up in the same line of work
Recent graduate with a solid job in their field of study.
Good credit history
6 months reserves
Please contact me if you would like a referal to a mortgage lender who can help you.
REMAX Home Sales Pro
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Property Virgins is such a great show. Sandra was absolutely right. While experience shows this to be very true, some lenders can still approve a borrower who has transitioned to a new job as long as they are working in the same career field. Typically, lenders require at least 2 years previous work history. Keep in mind, there are many other factors to consider that will allow for an approval. I work together with several leading mortgage brokers and loan originators here in Southern California. I truly enjoy working with first-time home buyers. If you ever need my services or a great lender referral, please don't hesitate to contact me.
Katrina Roth, Realtor
Keller Williams VIP Properties
25124 Springfield Court, Suite 100
Valencia, CA 91355
Direct (661) 208-1855
Fax (661) 291-1463
*Serving All Of Your Real Estate Needs Throughout Southern California*
As the others have indicated, as long as your job is in the same field as the old one you should be okay. However, how long between jobs can make a difference, and it also matters if you are a contractor or full time employee. We recently had a client who took a contract position in the same field for significantly more money but had to wait to get a loan because he wasn't an employee.
Talk with several lenders and get a solid pre-approval before moving forward.
Lance King/Owner-Managing Broker
If you are into something totally different..... not so good. Seasoned is what the banks like. Your future earning will be judged on your past. Instability in the past could mean instability in the future...
Great question. Usually a new job is not an issue if it is in the same field as your last job. If you were a teacher for 5 years and then got a job as a customer service rep...might be an issue. If you were in administration for 3 years but took a higher paying job with a different company, but it's still in administration, you should be OK. Please note, I am not a mortgage officer and really the best one to answer this is going to be the loan officer that you submit your application with.
Also there are several factors in getting a loan approval such as credit and income. All of these will weigh in on making a decision.
Best of luck to you!!
Remax / Lakeland