Hi. I live in the Slope and work with buyers and sellers here. The credit score is determined primarily by your bill-paying history. If you were buying a co-op, the length of time in a job would be one thing a co-op board would scrutinize. With a condo, however, there is no such board application and interview. There may be, in some cases, a short application (more so in Manhattan than Brooklyn) but in a condo a board does not arbitrarily accept you or reject you. In a condo, they have what is called the right of first refusal which means if they object to you buying it, they have to buy it and that just doesn't happen. In shopping for a mortgage, I would draw the line at how many times you permit your credit to be checked at 3 or you may start losing points on your credit score for too many inquiries. If you would like more specific info on buying in the neighborhood, I'd be happy to help you.

Tue Aug 5 2008, 02:22

I would get the loan prior to changing jobs - unless you are staying in the SAME field and doing the SAME thing at another place, for example - Nurse at hospital A then moving to a nurse at hospital B. Just make sure if you move, that the human resources dept. does not report your employment as probationary or you could wind up not getting approved until after that time.

As far as credit inquiries go, as long as they are within 60 dys of each other, and all for the same type of inquiry - mortgages, then it will not lower your score. If you have inquiries from several different types though - credit cards, car loans, mortgage, etc., that could lower your score.

Good luck!

Mon Jul 21 2008, 06:48

Nancy,

You should secure your mortgage loan before getting your new job! Assuming that your credit score remains [relatively] the same, you should end up with the approximately the same loan rate.

As long as your end result is the purchase of a home, having a few credit inquiries on your report will not hurt you. Please keep in mind, however, you do not want to be making any large purchases prior to obtaining your mortgage loan - don't buy a car or even furniture! Don't move money around.

Anyhow, I have a section on my website that may be use to you: Home Buying 101. Check it out at the web reference link below.

I hope this helps, and I definitely agree with you to SHOP AROUND for the best rate and lender for YOU! Good luck and let me know if you need Buyer Agent assistance.

Art Hotes ~ RE/MAX Classic
Serving Northeastern Ohio
Art@ArtHotes.com
www.ArtHotes.com

Mon Jul 21 2008, 05:46