Will a career change soon impact our ability to get a loan later?

Asked by Jenn Taylor, San Antonio, TX Thu Jul 11, 2013

My husband is currently studying (self-studying, not college) and getting his certifications together for a career change (not self-employed, possibly salaried) which should happen by the end of this year. We're currently trying to save money for a down payment for our first home, and we hope to be able to apply for a loan and begin the buying process at the end of 2014.

I've read that career changes close to and/or during mortgage closings are very bad, but would having several months at a new job with a higher income cause an issue?

We're also looking into applying through the TMP 79/MCC program if it benefits us.

Thanks in advance!

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Vino Alonzo, , San Antonio, TX
Thu Jul 11, 2013
Typically, a career change in the same field as previous job or same field of study is not a problem. You must document a two year history of employment or provide school/college transcripts. However, if your husband is changing careers and establishes a 12 month history in a new field in a salaried position, you will probably be ok. The lender must be able to document that his income is stable. A year sounds reasonable.

Vino Alonzo, Loan Officer
NMLS# 184279
Castle & Cooke Mortgage
1 vote
Jason Campbe…, Agent, San Antonio, TX
Fri Jul 12, 2013
The only time I ever see an issue is when you go from salary to self employed 1099. Other than that... especially if you are making more money... it does not cause an issue at all. You just have to provide proof of new employment, and have a full months worth of paystubs in most cases. Easy as Pie!

I can even give you a bonus.. the best lender BY FAR in Texas is Kasey Hampton... do you pre-approval here: http://www.DHIMortgage.com/Kasey-Hampton - you will thank me later... She is the best there is!

Shoot me an e-mail, send me a text, or give me a call and I will send you some homes that fit exactly what you are looking for... :)

Jason C Campbell
Platinum Top 50 Finalist - 2012
Option One Real Estate
Web: http://www.SAHomeExpert.com
0 votes
Don Groff, Agent, Austin, TX
Thu Jul 11, 2013
If you are changing from one W2 job to another it would most likely not be a problem. You need to document your past 2 years history but even if they are in a different line of work as long as you are W2 and your income is stable you should be fine.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference:  http://www.AustinListed.com
0 votes
Karyn Bunnell, Agent, Midvale, UT
Thu Jul 11, 2013
Currently a two year work history is needed to secure a home loan. I know that work history may be bundled together if the work is related, like engineer with two different engineering firms. They do not consider going from say a telemarketer to a brain surgeon. If your husband is getting certified in his current field they may be considered together.

It is really great that your husband is working hard to improve his career and his earning potential. I am glad to see that you are saving money for that down payment. This would be a great time to meet with a lender at your local bank and have them look over your current circumstances and your long term goal and have them create a road map to home ownership. You may be closer than you think to being a home owner.

Good luck to you
Karyn Bunnell
0 votes
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