I have been employed for last 8 years without any gap, if I change an employee, how long do I need to be in the new employment before I can apply for mortgage please? by Guocui_825_188 from , . Mar 10th 2013
If you are changing to the same field of work, same pay structure, most lenders will allow you to close once you have a paystub with 30days of year-to-date income on it. If you are changing from salary to commission or to self-employed that is a different case and would most likely need two years of tax returns. Please call or email if you would like to discuss your actual situation. Thanks, mandy.fritsche@prospectmtg.com 262-327-5700 nmls#557211
Mandy's answer is correct. I'll just add... if you will still be paid hourly/salary and the pay is lower, the new amount will be used to qualify you and you will qualify for a lower amount. If the new pay is higher it will most likely be averaged with your previous pay so you won't get credit for all of it. Your loan officer will determine the maximum mortgage you can qualify for when they have all the details and wage documentation.
I would add that you have this discussion with your mortgage consultant. Depending on what type of loan you are looking at using (Conventional, FHA, VA or USDA) you may find that underwriters have a different/stricter requirement for a change in jobs. All in all, it shouldn't be a deal breaker ...but you'll want to be crystal clear on how best to navigate this detail.
If you are hourly or salary - 30 days worth of pay stubs from the new job is all that is required with just a minor gap in job history. But also understand, if you've been out of work for 6 months or more, you must be at the new job at least 6 months. www.MortgagesUnlimited.biz
Depends on your age - employment isn't required for Reverse Mortgages.
If you are staying in the same job field and same job type no problem changing employers.
Same job field? Then no problem changing employer after 30 days.. Contact me www.LeoLends.com with any questions 203-525-3672 Ask me about a $1000 lenders credit and great mortgage rates!
As long as you are a salaried or hourly employee you can close your loan once you have been on your new job for 30 days. Call me for more details. 402 813 4072 Nancy
30 days with new employer, in same field and pay range.
You will need a 30 day pay history with the new employer.
If it is same line of work i've been able to get an approval as long as I can confirm the pay at the new position, sometimes with a "promise" from the borrower to provide us a copy of their first paystub.
The others have presented questions for info not in your question. If you would like to settle the questions on this today call me direct at 302-449-7373 Mark
Typically, as long as you are working in the same related field, and no gap in employment, there should be no issues when applying for your new mortgage. Underwriting will want to see 30 days of paystubs to show source of income from your new employer. You can always begin the loan process while waiting for your first thirty days to pass as well. Please feel free to call me at 515-669-4560 or apply online at www.danyelpeck.com. I'd be happy to assist you with this lending process.
As long as you are in the same field, you will only need a 30 day pay history
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