Home Buying in Kenosha>Question Details

aschulze, Home Buyer in Kenosha, WI

How crucial is longevity at employer when getting financed for a home?

Asked by aschulze, Kenosha, WI Wed Jun 5, 2013

I have worked with the same employer for 8 years, and have a new career opportunity. I am hoping to buy a home within the year - will this affect my chances of approval for a home loan? Already battling a poor credit score...

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If the new job is pretty similar to the old one it won't hurt at all. In other words if you were a salesman for tires and then took a job selling snow shoes it is still a job in sales. Job longevity does not help a poor credit score.
2 votes Thank Flag Link Wed Jun 5, 2013
I agree with Tim below. I would just also caution you that if you move from hourly to hourly or hourly to salary you are good BUT if you move from hourly or salary to Commission based or self-employed then you have to wait 2 years for us to use that income to qualify you for a loan. If you want to discuss your specific scenario please feel free to contact me directly. Good Luck!

Mandy Fritsche, Prospect Mortgage, Mortgage Loan Officer, NMLS# 557211
262-327-5700 Cell, 877-868-9198 Fax, mandy.fritsche@prospectmtg.com
1 vote Thank Flag Link Wed Jun 5, 2013
If you're still in the same line of business & not switching from W2 to 1099 you should be fine.
Poor credit score is another issue.
0 votes Thank Flag Link Wed Jun 5, 2013
Longevity in the same line of work is fantastic....poor credit score may need some working on with your lender.Feel free to contact me if you have any questions on how to purchase a home.Have a great day!
0 votes Thank Flag Link Wed Jun 5, 2013
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