DH employment changes, how will his impact mortgage?

[Anonymous]

We have been gearing up to buy a house.  One of our main "stress" points was his 1099 status and "reported income".  The company he has been a 1099 employee for has filed for a "reorganization" bankruptcy.  When all this came about, one of the officers split off and started his own company.  The investors he obtained have been in business for many years.  Now my DH will be working for this new company has a W-2 employee with a big salary increase and nice benefits package, starting tomorrow.

It obviously will have more positives than negatives but my concern is how will this affect us getting a mortgage?  It is the same industry.  How long should we wait with all these changes to apply for a mortgage?  Is this going to dampen our chances??

[tacpoly]

Same thing happened with my DH.  We just had his company (HR department) write a letter that confirmed his job offer and salary.  It shouldn't be a problem specially as he's staying in the same field.

[StartingOver10]

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@Anonymous wrote:

We have been gearing up to buy a house.  One of our main "stress" points was his 1099 status and "reported income".  The company he has been a 1099 employee for has filed for a "reorganization" bankruptcy.  When all this came about, one of the officers split off and started his own company.  The investors he obtained have been in business for many years.  Now my DH will be working for this new company has a W-2 employee with a big salary increase and nice benefits package, starting tomorrow.

It obviously will have more positives than negatives but my concern is how will this affect us getting a mortgage?  It is the same industry.  How long should we wait with all these changes to apply for a mortgage?  Is this going to dampen our chances??

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It will not dampen your chances at all.  In fact, it is much better for the loan process to have a W-2 rather than a 1099 with reporting income issues (per your first sentence).