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Job change in the middle of buying a home? What to do....

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Anonymous
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Job change in the middle of buying a home? What to do....

So, a week and a half ago, we put an offer on a house. We currently own a home together that will be sold once we close on our new home. My current commute is about 11 miles, which takes 30 minutes. Most of the route is a two-lane highway through (increasingly) congested areas. I’ve worked at my place of work for over 8 years and in my industry for 24 years. My new commute to my current job would be 24.3 miles but it would only take 33 minutes – 3 minutes more, as there are multiple areas where it’s two lanes and sparsely populated.

 

All is going smooth so far. My boyfriend and I have great credit (low 800’s) and good salaries ($250k combined minimum – split 50/50%) and were approved for financing quite quickly. We looked at many houses before we found the one we really liked. We made an offer, they countered, we accepted and we’re in the inspection/appraisal phase. My boyfriend is a home inspector, so that’s helpful! Lol The only hitch at this point is that we’re concerned the house will appraise low due to lack of comps. The appraisal has been requested, but not scheduled yet and we're paying to have it expedited.

 

Well, tonight, I got a phone call from a well-known recruiter in my industry. There is a job (locally) that is my dream job for a major company that is pretty much a household name. My current job is extremely stressful and my boss is a loose cannon who “goes off” at the littlest thing. The work environment has been pretty toxic for the past couple of years to the point where I worry I may have to make a change at some point. Not because I want to leave the area, but for my sanity. We actually selected this new home in part because it was more strategically located to another major urban area about an hour away where I could potentially find a job that can pay me what I require.  

 

I’m torn. We’re under contract for this house and I REALLY like it. It is spacious and checks every box we were looking for. It’s pretty awesome. The problem is two-fold: 1) If the house appraises, changing jobs in the middle of a home financing deal is kinda frowned upon (though it is in the same industry and would likely result in an equal or higher salary) and 2) The new commute would be greatly increased to 1 hr and 15 minutes.

 

UGH!!!! Where was this job offer two weeks ago? We wouldn’t have put an offer on a house in this area if we had known…as much as we love this house. We have also put down $5k earnest money, which we don’t want to lose. Sorry to ramble, my brain is about to explode!!! What would YOU do? Pursue the new dream job, knowing your commute would be insane if the deal goes through? Will changing my job be a deal breaker for our financing? Should I just keep the status quo and if things implode at my current job, look for employment in the large city that is only an hour away?

 

I’ll have to think long and hard about that commute time, but again, it’s my dream job. The purchase price of the home is $380k. It is a conventional loan if that matters. I will say, if I got this job and the house didn’t appraise, we’d walk away from the deal and look for a similar home in that area.

 

First world problems, I know, but still a very big, unexpected decision to make...

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Job change in the middle of buying a home? What to do....

Quite the conundrum, I'll give you that. I hope it all works out for you. The appraisal may just give you your answer. Good luck! 

Message 2 of 8
solstice00
Regular Contributor

Re: Job change in the middle of buying a home? What to do....

 

Talk to your lender. If your new job is in the same field you should be okay. If not, some convincing is required but not too hard.

Make sure to sign your new contract and give your lender a copy. Written contracts hold the most value.

Good luck. You will be fine. 

 

 

 



"Its your AAoA, Sir. It seems, Sir, that it is so short that i dont think it would hurt for it to get a little shorter"
Message 3 of 8
solstice00
Regular Contributor

Re: Job change in the middle of buying a home? What to do....

I am in the same position as you are in without the job change conundrum.

If I were you I would not lose sleep at all. It will work out just fine. But I would defintely NOT take the hour and 15 minutes commute.

If it was my dream job I would take it in a  heart beat. 5K is nothing compared to my sanity.

 

 

 

 



"Its your AAoA, Sir. It seems, Sir, that it is so short that i dont think it would hurt for it to get a little shorter"
Message 4 of 8
Gladius
Frequent Contributor

Re: Job change in the middle of buying a home? What to do....

Happened to me (us) a couple of years ago wen we purchased our current home.  Our lender just wanted to see my offer letter and to make sure it was in the same field.  Everything from that point on was the same...no changes other than to send him a copy of my first pay stub in the new job.

Message 5 of 8
Indycoltsfan
Regular Contributor

Re: Job change in the middle of buying a home? What to do....

I understand your situation, however, there is no guarantee that you will get the new job - it was just a call from the recruiter.  The interview  process takes time and you could close before you hear anything from the new company.  I would take a longer commute to be sane.  Things will work out the way they should - as another poster said, the appraisal could be the answer.  Good luck!!

Message 6 of 8
dragonfly66
Frequent Contributor

Re: Job change in the middle of buying a home? What to do....


@Gladius wrote:

Happened to me (us) a couple of years ago wen we purchased our current home.  Our lender just wanted to see my offer letter and to make sure it was in the same field.  Everything from that point on was the same...no changes other than to send him a copy of my first pay stub in the new job.


I agree with this.  I changed jobs after I went under contract for the house I'm currently buying.  I had to provide a copy of my offer letter as well.  The job switch wasn't an issue because I was doing the same thing, but for a different company and for more money, which helped in terms of my DTI ratio and qualifying for the mortgage.  I was fine with my previous salary, but things got even better with the higher salary.

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Message 7 of 8
Anonymous
Not applicable

Re: Job change in the middle of buying a home? What to do....

Thanks, everyone, for your feedback. I have my first interview tomorrow, so we'll see what happens. Good to know this may not derail our financing if this process results in a job offer I can't refuse Smiley Happy The only minor hiccup was that we were going to take out a loan against my 401k to help cover some of the closing costs (~$12k or so), which would have to be paid back within 60 days (to avoid major penalties) if I leave my job. We've worked out an alternative source for those funds so that's not a concern now. Fingers crossed!!

Message 8 of 8
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