How will a new job affect getting a loan?
I was in the market for the purchse of a new home. I have excellent credit and able to put 20% down. I was recently offered a new job, which will be about the same salary but with more benefits and health insurance. Do I now have to wait because I am new to the job? If so, what is an acceptable time frame? My friends say because it is in the same industry (which I have been in for 15 years) it should not be an issue. by kcatt2009 from Cape Coral, Florida. Dec 16th 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
Your friend is correct. As long as your break in employment is not 30 days there will be no explanation needed but you will have to wait for final underwriting approval until a first paycheck is issued.
Tony Scott (Tony Scott)
#18 ranked lender in Florida - 3 contributions
As long as you can provide a employment letter stating your start date, salary and position you will be fine. yOU WILL HAVE TO WAIT UNTIL YOU RECEIVE YOUR FIRST PAYCHECK TO CLOSE.Call me to discuss financing options. Tony 321-278-0433
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