I've contacted several people in the banking industry regarding this question, but as soon as they find out I don't yet qualify for approval, then I may as well have leprosy. I need to have two continuous years of cpm pay to qualify for a mortgage, but the more important question I have at this point, is what about switching jobs before that magical two years?
I know the banks want to see stability, buy I may have a chance to make an extra $10K/yr. I've been with my current employer for 20 months now, but I've heard "no job changes in last 6 months" is a requirement.
Anyone have any insight?
Mortgage questions.
Discussion in 'Trucker Taxes and Truck Financing' started by dngrous_dime, Nov 2, 2017.
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Don't quit. Lenders won't like it all.
It may be possible to prove to the lender that your job switch is essentially the same and you will need to prove your increase in pay in writing and/or by submitting every check so that they can see this.
But typically, lenders don't like this because they need the stability of you maintaining a job more than you earning more.
Best thing would be to apply for a loan when you hit the minimum requirement, keep your job until you get a home. Then get a different job.longbedGTs Thanks this. -
Almost every lender for a mortgage is going to want so see 24 months at the same place. 24 months at the same residence as well.
Now here's a free financial tip. If you can't swing a 20 year mortgage, don't do it. Keep saving until you can. If you can do a 15 or a 10, even better. -
Tb0n3 Thanks this.
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dngrous_dime Thanks this.
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We did a refinance . Lender told us we could change jobs as long as it was in the same field of work it didn't matter.
77fib77, jamespmack and dngrous_dime Thank this. -
2 years in the same type of job. How long within a specific job will depend on your credit score and the cash assets you have.
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Go to a mortgage broker,they will shop around for a deal that will work for your situation ( ROCKET MORTGAGE is an example ).They can find a lender for any situation.
Forget the banks for now.
Make your payments for a year, then go to a bank for a better rate. -
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Ok, I guess I am wrong. Just have seen some folks with worse problems than you have get money for a house, but they had to shop around.
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