Question about switching jobs

Call your lender ASAP for advice on this! Typically your new employment must commence prior to your close date; some lenders might have an overlay requiring a paystub or two. At minimum they will need to complete a written verification of employment to confirm your new role.Don't accept it / quit your current job until you speak with the LO who has been assisting you!

If it is in the same field and you will be starting right away there shouldn't be any issues. That being said you should speak to an LO to discuss your entire situation before making a decision.

Make sure you tell your lender what is going on so they can do what they need to do. A big question will be how you are paid now and on the new job. (salary, commission, etc) If they are not able to assimilate your issues and expalin what to do and why----- find a new lender. Unless you are commissioned or have sporadic hours, it should be okay IF you have a lender experienced in this area. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Changing jobs can be a problem depending upon your lender. Fannie Mae guidelines state that if you have new employment in exactly the same field doing exactly the same job then no waiting period is required in order to use your income. However, if you change positions in any way or change the way your income is derived, you may not qualify. My company will allow you to include that income in the same line of work with just a fully executed offer letter and at least one day of employment with the new employer and a verbal verification of employment.But before you do anything at all you should call the loan officer you had your preapproval with and explain the situation in great detail.

Typically this is not an issue as long as the new job is in the same industry, the pay is equal or better and you have at least one pay stub by closing (better to have 30 days or so, but sometimes this can be waived). It is worth noting that it can be an issue if you are switching from stable salaried income to bonus, commission or self-employed (contract) income.

Ideally, you should wait, since anytime you change jobs, you have to wait till you have at least one pay stub, and most lenders will want to see 2 or 3.. it's hard to say how your scenario would play out since we don't know all the details.. so the best thing to do would be to call your current lender and ask them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Are you going to be working in the same line of work? Your best option is to call the lender you are currently working with and explain your situation. If you are in the same line of work and making more, there shouldn't be a problem. However, your lender will probably require 2 pay stubs from your new job. If that can't done in the time frame you are expecting to close, you can also potentially provide written proof of employment from your new employer.