Changing Jobs

sparklingdiamond · November 2013

I usually post over on the Getting Pregnant board and have lurked here some. We are currently having a house built and were pre-approved for the loan. My question is, I have seen mixed reviews on whether or not you can change jobs before you close. I have seen that if you stay in the same field and have an increase in income, that it likely won't affect you much. So do any of you know if this is true or if you really should not change jobs? Thanks!

GeorgiaRiah · November 2013

I do not have experience with this but I heard the same thing as you. That as long as you stay in the same field and increase your pay then you are ok.

Janessadawn · November 2013

In all reality it's going to depend on your particular case. Time on the job is something they look at when qualifying you; even if you're staying in the same field, most companies have a probationary period that new hires go through. You'll need to check with your loan officer.

sparklingdiamond · November 2013

Ok thanks ladies!

Dreamergirl8812 · November 2013

Ask your loan officer, but be aware that it is risky. The bank only knows that you're getting paid more if you submit pay stubs. Which you can't do if you don't have any yet. If the loan falls through you lose the house and have to start over. The seller may not be happy.

MrsS728 · November 2013

We had to sign a document (at the closing) stating that we were still employed by the same employer we were when we were pre-approved. My husband changed jobs 3 days after we closed on our house. We asked our lawyer about changing jobs and she told us that he had to start his job AFTER the closing or we could lose the house. Good Luck!

colleengilhooly · January 2014

I am changing jobs next month. We were preapproved for a loan but cannot close until I have 30 days worth of documentation (pay stubs) from the new job. The other option provided to us was to pay a month of homeowner fees upfront to prove we had them. Its not ideal but we are moving across the state and have to find a way to make it work!

jtmh2012 · January 2014

Talk to your loan officer. It all depends. I changed jobs twice this summer and we just closed on a new house. My bank was happy with having an offer letter from the new job along with a letter of explanation.

twrtoad · February 2014

I am not sure but I switched jobs working in the same field and my loan officer could have really cared less

jtmh2012 · February 2014

We didn't change jobs in the middle of the process, but did have a job change just prior (we changed locations and bought a new house). Basically we just sent in a copy of the offer letter, a couple of pay stubs as I had been there a couple months, W-2s from the prior company, and a letter of explanation on the reason for the employment change.

JuneMrs · February 2014

Our lender advised us that staying in the same industry and increasing income is fine. Basically that scenario shows you are pursuing a better opportunity and that you'll have more $'s to pay your bills.

Changing Jobs

Re: Changing Jobs

Choose Another Board

Search Boards