Posted on: 13th Jun, 2011 09:52 pm
I just have a general question about switching jobs while in escrow or before applying for a loan. For a while now, I've been thinking about looking for a new job outside of my current employer. I've heard this could effect the ability to get a loan, especially while in Escrow or before applying for a loan?
What is the policy? How long do I need to work for the same employer in order to qualify for a loan?
Thanks.
What is the policy? How long do I need to work for the same employer in order to qualify for a loan?
Thanks.
Welcome snkblls,
It is better to not change your job just before the closing of your mortgage. It may jeopardize your chances of qualifying and getting a mortgage. It will be a better option if you could change your job after you get your mortgage.
It is better to not change your job just before the closing of your mortgage. It may jeopardize your chances of qualifying and getting a mortgage. It will be a better option if you could change your job after you get your mortgage.
If you were to change jobs in the same line of work, for a benefit, such as commute is shorter, or increase in pay, an Underwriter would see that as a job advancement. But if you change line of work, then you would no longer have a 2 year work history in the same field, and an UW would not fund your loan. Rule of thumb when applying for a loan is: dont have your credit run many times, dont buy anything with credit or open new credit accounts, dont change your job, dont quit your job, and dont make large deposits into bank accounts that cannot be sourced or prove where the $ came from. Good luck
Your job will definitely affect your qualification to allow you to get a loan since it will determine if you are really able to pay it afterwards. Try to inquire about the policies on the firm that you want to get a loan to make sure you are doing the right decision.
Indeed, it all comes down to what type of job you're about to take. As Chris noted, a similar job or an upward move is only going to be an enhancement. On the other hand, going from Assistant Executive Bureaucratic Overseer of Regulatory Edification to Head Waitress at Mel's Diner, where you work for tips, isn't going to impress the underwriting staff.
Moving up or over is fine but moving down or to self-employed will kill your chances unless you have been doing the job for atleast 90 days before applying.
Just had this conversations with my Lender as well.
Just had this conversations with my Lender as well.