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Job Change? You can still get Approved for a Mortgage

Although getting a New job during a mortgage is Uncommon, It is not a deal breaker.  For example you relocate to Plattsburgh for a new position, or changing positions with the same company in Plattsburgh.

Another way you can get a mortgage when between jobs is by using an Offer Letter for a new job.  If you have already started your new job it is even easier!

To be approved you need income that is reliable, Stable and likely to continue for at least three years.  For a new job, It is best to make an upward, or at least Lateral job in the same industry.  You don’t have to avoid job or career changed before applying for a mortgage in Plattsburgh, as long as you go about it the right way.

How Lenders Look At Employment Income
As long as your Current Job does not have a termination date or is based solely on commission’s most Plattsburgh Mortgage Companies consider your employment permanent and ongoing.

Standard mortgage Underwriters like to see a two year work history.  If you have been with your current job or within the same industry for that long their is normally no further questions.

If you have less than two years at your current job your history comes into play.  Here is what the lender is looking for.

  • Your qualification and training
  • The health of your industry and company
  • How often you change jobs
  • extended periods of unemployment
  • Increases in pay and responsibility over time
  • work history within the same field
  • Jobs that match your pay and training

If you change jobs before applying for a mortgage there will be some questions and information.  Always be prepared to explain why you changed jobs and what motivated you to do so.

Acceptable Job Changes
New Job in the same Industry
A higher paying Job
A job for the state or federal government (For example you getting the call to become a Corrections Officer)

Same Industry, Higher Income
For example lets say Johnson has been working as a Kayak broker for several years in the same company.  He was recruited by another Plattsburgh firm that is offering him a 20 percent Raise in base salary.
He wants to accept the offer but his home is in the construction phase and won’t close for another month and a half.  He can accept the new job without fear of losing his mortgage commitment since it is in the same industry and he has not made a change in the last 2 years.

Watch out for “unacceptable” Job changes
Not all career moves are acceptable in the eyes of Plattsburgh Mortgage Lenders, Even if you get paid more.

  • Switching from a Salary Based to a Commission based job (Commission based jobs need a 2 year minimum)
  • Going from W-2’d Employee to Contractual Employee
  • Changing to a completely Different Industry
  • a downgrade in pay that Increases your DTI limit
    The best thing to do if your Unsure is give your Local Mortgage Lender a call.  You can even Get qualified with the link at the top and we will put you in touch with the right lender for your situation.  Remember whether you want a No Money Down Plattsburgh Home Loan or a Refi we are always here to help.

 

 

 

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