Question removed

Asked by Shana, Georgia Wed Aug 29, 2007

This question was removed by its author.

Answers

12
Jim Walker, Agent, Carmichael, CA
Tue Sep 4, 2007
BEST ANSWER
Shana-

"Yes it is Marketing Manager. The type of work would be the same in ways because I drove delivering also at my old job and my new job will be delivering as well. "

This is good. You should emphasize the similarities in the two jobs to the loan officer.

"The pay will be increased quite a bit and yes it is based pay. I will get the same pay weekly every week. "

This is good too, loan underwriters like to see that the income is steady and regular.

"I can get documents and it will state that my pay is more. "

Excellent, documentation is what underwriters thrive on, especially now that lending requirements have been beefed up. Any information that does not neatly fit into one of the documents can be summed up in a cover letter that you yourself write.

"It will go up at least 150 more a week. What kind of documents will i need?"

Even though you finished your old job, the underwriter needs to see the documented prrof that you earned what you earned in your old job. W-2's, a months worth of recent paystubs, even a copy of your tax return can provide this information. Then all the paystubs from your new job. If you have a contract with the new boss, supply that. If you have a pay schedule showing the pay you get for your deliveries, that can help too.

I am not the primary signer on the loan and we are only 30 days to close, did I make the wrong move for more money? - If you believe you have good job security and better prospects at the new job then you probably made the right move. You could state that in your cover letter, too.

-Jim
1 vote
J Lo, Home Buyer, California Glory, Brentwood, CA
Thu Aug 30, 2007
Anytime there is a change in your financial situation; you need to advise those people representing you. This will only help should there be a question from the final underwriter - everyone is in the loop and questions can be anwered without a "burp" so to speak.

Any advance paperwork from the current employer can be sought and placed in the file for review. If there is a problem it can be addressed prior to the "sit-down" session at closing. In other words - no surprises - for you or the seller.
2 votes
Melissa Manc…, Agent, Plainville, MA
Tue Sep 4, 2007
Hi Shana,
Yes it would be a problem. Most lenders want to see a stable work history and require a 2 year history of either working for the same employer or at least in the same field. When you make application (roughly 1 month prior to closing in my market) you will provide your income and employers information. The day of the closing they verify this. If anything from the application time changes, it needs to be done all over again, this will hold up the closing, if it can be done at all.
Web Reference:  http://MelissaBMancini.com
1 vote
Shana, Home Buyer, Georgia
Sun Sep 2, 2007
FROM SHANA Yes it is Marketing Manager. The type of work would be the same in ways because I drove delivering also at my old job and my new job will be delivering as well. The pay will be increased quite a bit and yes it is based pay. I will get the same pay weekly every week. I can get documents and it will state that my pay is more. It will go up at least 150 more a week. What kind of documents will i need? I am not the primary signer on the loan and we are only 30 days to close, did I make the wrong move for more money?
1 vote
Jim Walker, Agent, Carmichael, CA
Sat Sep 1, 2007
Glad you came back with some information. Is Marking Mgr. short for marketing manager? ---
Is the subcontracting work in the same industry, Is it just the pay structure that is different or is the type of work performed also different. If you are an independent contractor, is the income sales based or is it some other kind of piece work? Can your new "contractor- employer" document the "sub-contract" that you have with them and provide documentation that the loan officer can put in the file to convince the underwriter that your new job will pay at least as well as the old one?
1 vote
Dave Rivera &…, Agent, San Francisco, CA
Sat Sep 1, 2007
Hi Shana,
My most trusted lender told me that yes, it would be a problem. Here's why...the lender wants to see 2 years of verifiable income (same employer) to approve the loan. Right before the lender funds the loan, which is either immediately before or the day before closing, depending on your state, they run one last credit check. Therefore, yes, it would be a problem.
We hope you don't have any problems, and we wish you all the best!!
1 vote
Shana, Home Buyer, Georgia
Sat Sep 1, 2007
from shana .....im not the only signer on the loan ,,they make alot more money then i,so if i change jobs during escrow peirod does it effect the loan,,went from marking mgr,,to sub contracting.lot more money
1 vote
Jim Walker, Agent, Carmichael, CA
Thu Aug 30, 2007
Example of where it is not a problem: You have been driving taxicab making about $30,000 a year while studying for and passing your CPA exam (or bar exam) A well know firm hires you on as an associate at $60,000 base pay to start. ---- NO Problem.

Example of where it is a problem. You have been teaching in a school for the past five years at $50,000. You take a sales job selling educational supplies strictly on commission, but no salary or draw. The company tells you that last year a new saleswoman made $80,000 her first year. But you can't prove to the mortgage lender that you personally will do so well, until after you have.
1 vote
Pam Winterba…, Agent, Danville, VA
Wed Aug 29, 2007
Shauna....It depends when you change jobs in the process. If it is done in escrow it can be a major problem. If you make a change prior and are bettering you position you lender will need to carefully document the change and sell it to the investor.
Web Reference:  http://castles2homes.com
1 vote
The Hagley G…, Agent, Pleasanton, CA
Wed Aug 29, 2007
Are you currently in escrow? How close are you to closing? It certainly could have an effect. One way to make it work is if your duties are similar. For instance, if you were in sales or marketing in one industry, and you remain in sales or marketing in a new industry, this may be easy to resolve.
Web Reference:  http://www.cindihagley.com
1 vote
#1, , San Francisco Bay Area
Wed Aug 29, 2007
It can. Lenders want to see 2 years uninterupted employment in the same line of work. Right now lenders are tightening the screws on underwriting guidelines and are adhearing to steadfast rules.

You need to find a way to connect what you are doing now to what you did before. And it is possible to do that by streatching and wiggling a little bit.

If I had more information on the former and new occupation I might be able to show you how to connect the occupations to present it to the lender in a way that it is tied together.

Ed
1 vote
Mario Pinedo,…, Agent, Cupertino, CA
Wed Aug 29, 2007
Absolutely could! Talk to your loan advisor - they may suggest a way to present this to the eventual lender in a good light. Obviously making more money seems positive. Yet, some lenders are not good at the obvious. Kidding. Their main concern is the different line of work - will you keep that job? is the new industry stable? and other issues regarding the surity of your new income stream.
1 vote
Search Advice
Search
Ask our community a question

Email me when…

Learn more