In the case of relocating to a new area, with a new job, how does one qualify for a mortgage? Does one's PREVIOUS JOB income count?

Asked by Clare Lacey, San Diego, CA Thu Feb 4, 2010

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allan erps,A…, Agent, Pearl River, NY
Thu Jan 17, 2013
If the new job is in the same field with higher income, it may be fine with the lender.
0 votes
Jane Grant, Agent, Aguanga, CA
Sat Feb 6, 2010
Contact a Certified Mortgage Planner. They have gone through rigorous training to help with "special needs", borrowers. Here is a link to find one in your area.

http://www.cmpsinstitute.org/public/find_cmps
Web Reference:  http://www.soreal.biz
0 votes
Dawn Nostin, Agent, Glastonbury, CT
Fri Feb 5, 2010
The answer is you should not be in jeopardy due to the new job, if you have a competent mortgage broker working with you they will explain the process in much better detail than we realtors can. If you are in need of one, I have several I work with that could help you. Feel free to contact me directly for their information.
0 votes
Carol Smiley…, Agent, Waco, TX
Thu Feb 4, 2010
Your ability to qualify for a mortgage depends largely on your source of income, but your good credit history most definitely helps. Most lenders will also ask for your last two tax returns to show stability of past income. The best thing you can do is find a good REALTOR in your new city. A knowledgeable agent will be able to connect you with great local lenders who can walk you through the process. How to pick an agent in the new area? If you had an agent in your previous city that you trust, they can help connect you with a helpful agent in the new city.
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Thu Feb 4, 2010
You would have to speak to a lender but I think as long as it is in the same field as the previous job, you might be okay. Call a lender you trust and ask, they would be most qualified and can review your history with you.

Good Luck
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