Posted on: 04th Dec, 2012 11:40 pm
My brother and his fiancé are buying a house, has a closing date of March. Both of them work two jobs each. Now my brother has been offered a higher position at his first job and for that he now wants to leave his second job. Job #1's new position would pay him more than his current salary for both jobs, but he is worried that leaving job #2 will cost them the financing for the house because the lender will think he has unstable employment. He has to make a decision by this week. Not sure if this matters, but they were pre-qualified for $30,000, more than they need. Help please.
Hi Bancho,
If he is able to show that his income remains the same even though he leaves one job, then I don't think there will be any issue. However, he should inform the lender about his situation when he applies for the loan. If the lender has any reservations, then he will let him know about it beforehand.
Thanks
If he is able to show that his income remains the same even though he leaves one job, then I don't think there will be any issue. However, he should inform the lender about his situation when he applies for the loan. If the lender has any reservations, then he will let him know about it beforehand.
Thanks
Hello Bancho,
Your brother should be able to leave job#2 and take the new position for job#1 with the higher salary as long as he has a letter from his employer outlining the new position, pay, start date, full time status, etc. and receives at least 30-days worth of pay stubs for the new position with higher pay before the closing date on the proposed loan.
Your brother should be able to leave job#2 and take the new position for job#1 with the higher salary as long as he has a letter from his employer outlining the new position, pay, start date, full time status, etc. and receives at least 30-days worth of pay stubs for the new position with higher pay before the closing date on the proposed loan.
Thank you Michael for your opinion!! That was really informative!! :)