Changing employers while house hunting/buying
There seems to be a number of very well informed posters to this board so I thought I'd pose the question here rather than possibly red flagging us to the mortgage companies we've been working with. We've sold our current home (regular equity sale and renting back m2m) and have been looking for the right resale home for the last 6 months. We're changing states to move back to our home town. I currently telecommute for an out of state company (I can work anywhere), and my husband is semi-retired. We're in the 'excellent' range for credit ratings, putting 20% down, plus would still have at least 8 months reserves if something happened. Question is, I've had a couple of companies approach me for job opportunities. The change would mean an 15-20% increase in income and would be in the same field. Do underwriters/mortgage companies look favorably or unfavorably on changing companies given the rest of the circumstances? by oscrnw_961_634 from Arlington, Texas. Sep 19th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Well... That's a more complicated question than you might think... it solely depends on the type of income you're receiving... For example... If you're an hourly or salary paid employee, changing jobs in the same field, but for more pay, then you will be fine, providing there is not more than 90 days between jobs... However, if you're a commissioned employee, and you change jobs... this could be a huge problem and it's probably best to wait till you purchase and close on your home prior to changing employers... commissioned income has some pretty strict guidelines, and lender "Overlay's" can make it even more difficult... some commissioned employees make a base pay plus weekly, monthly, quarterly, semi annually, and annually bonuses... if you're going to use these bonuses as income, you have to first receive them... so if a big chunk of your pay is the quarterly bonus, then you have to wait until you at least receive one quarterly bonus to prove to the lender you are actually entitled to it... this can get really complicated, so if this is your type of pay, you should wait... WilliamAcres.com
Ask our community a question.
Get an answer
Related Questions
