My husband has just changed jobs. Can you still get a loan to purchase a house?

Asked by Lindahines5, Colfax, NC Thu Oct 27, 2011

He used to be a DM for Harbor Freight Tools and is now in the grocery business.

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
, ,
Thu Oct 27, 2011
Usually when you change employment lenders want it either to be in the same industry or the same type of work. So if he was a district manager for the hardware/tool industry, and he is a similar management position in the grocery industry, such as the store manager, then that would likely be an acceptable connection where he'd just have to produce a paycheck stub or two in order to qualify. If it was to being a butcher at a grocery store, that probably won't cut it, and could need 6 months or more on the new job in order for the lender to have a large enough income sample size and longevity on the job to confirm that the income is indeed stable.
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Oct 27, 2011
Linda,
As a mortgage professional from 1998 until 2010, Christopher's answer is correct. Changing from Company A to Company B, within the same industry at the same or higher rate of pay will be a minor inconvenience. You will need proof of pay from the new job and may be required to provide a hiring letter indicating your job is secure and permanent.
If commission or bonus income becomes part of the new position, it may not be relied upon when determining your debt ratio or qualifying amount.
It is always wise to consult with your lender regarding the policy of the Bank involved in case they require anything additional.
0 votes
Larry Story, Agent, Greensboro, NC
Thu Oct 27, 2011
Linda,

Chris, Bill & Cyndi, are all correct. For the final word you really need to ask you lender. Whether you go with whomever you bank with or pick a mortgage broker a mortgage professional is the best person to ask. They can give you the final word on what you would need to do to qualify for a mortgage.

So just call your preferred lender they can then let you know their professional opinion. Possibly they will consider if he is still in management. However those are two different businesses.

Hope this helps,
Web Reference:  http://totalcarerealty.net
0 votes
Bill and Cyn…, Agent, Hiawassee, GA
Thu Oct 27, 2011
Linda - The ONLY person that is qualified to answer this question is your lender. Anything else is merely speculative. You may find that if you don't qualify for conventional lending due to the job change, if your credit scores are good and you have a substantial down payment, that you could purchase a house with seller financing! While your agent cannot give you an answer concerning qualifying for a loan with a lending institution, he/she can give you information on properties that may be offering seller financing.

Best wishes and congrats on the new job!!
Web Reference:  http://www.teamdaves.com
0 votes
Christopher…, Agent, Tarrytown, NY
Thu Oct 27, 2011
Hi, I know from my experience that a move within the same industry is usually ok. If you change careers altogether the banks may want to see some consistancy before lending. It's best to contact a mortgage professional so they can advise you accordingly.

Chris
Web Reference:  http://raveis.com/chrispagli
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more