Affect of Job Change in Different Field?

Anonymous · ‎11-12-2015

I plan on purchasing a home in 6 months and this past September, I took a position in a completely different industry (veternarian to quality control).

How much is this considered in the mortgage qualification process and does gaining a much higher salary negate any effects?

I'm looking to get an FHA (my state currently has a down payment assistance program that would let me purchase much sooner than I orginally) and I want to have all my bases covered before I start apping for mortgages.

Thanks in advance!

Anonymous · ‎11-12-2015

What is your current job title and what would your future job title be (exactly)?

Anonymous · ‎11-12-2015

A bigger factor than "career change" will be length of employment--the fact that you haven't held down the same job for a couple of years. Higher income will help if you can prove the income. Lack of stable employment will hurt. I doubt very much that they care your job title changed, just that your employer did.

Anonymous · ‎11-13-2015

@Anonymous wrote:

A bigger factor than "career change" will be length of employment--the fact that you haven't held down the same job for a couple of years. Higher income will help if you can prove the income. Lack of stable employment will hurt. I doubt very much that they care your job title changed, just that your employer did.

Somewhat does cuz now it's not stated and bank prefer to see long stable income.. If change to new job in same industry is better now completely different is harder but again now loan is easier to obtain compared to 2010

StartingOver10 · ‎11-13-2015

Actually a change of career is an issue. The lender wants to see you have 2 years in the new career. A change of job doesn't present the same issues as long as it is the same field.

There is an exception: if you are a recent graduate and you are working in your field of study then you don't have to show two years of history.

Revelate · ‎11-13-2015

@StartingOver10 wrote:
Actually a change of career is an issue. The lender wants to see you have 2 years in the new career. A change of job doesn't present the same issues as long as it is the same field.

There is an exception: if you are a recent graduate and you are working in your field of study then you don't have to show two years of history.

This. Some lenders are a little awkward, but if you're in the same field and can prove income W2 via 30 days worth of paystubs and your tax returns support your statement, lenders will play ball even on a conventional mortgage... and I pretty much did precisely this from personal experience.