Correspondent lender that is also a broker will be his best shot. Stay away from the big box banks.
Is the new job really a completely different field? Sometimes you can generalize the job description so that it is in a similar catagory as the previous job....
@SamsungHDTV wrote:
@Revelate wrote:Two different things: employment history and income qualification. That said I don't see an issue here assuming he's continuing in his line of work... people change jobs, modern fact of life and banks are cognizant of that.
Tax return wise if he was on hourly and commission for 2+ years can't see where any lender would quibble about that, and if the new gig is straight W2 that's as easy as it gets for documenting income and he can qualify as soon as he can document 30 days worth of paystubs.
What would require two years if he's getting a bonus or other variable compensation in the new gig and attempting to claim that as income, that'd be 2 years presumably but if he doesn't need that to clear the DTI hurdle, no sweat.
Thanks for your input!
He just made the job switch and now is afraid to apply because he doesn't want to waste an inq. To give a little more details:
Its not the same line of work. He went from personal banker getting a base + commission to analyst with straight salary, BUT his new salary is more than his previous two years of income.
So how does it affect an applicant if he switches jobs into a new line of work?
I agree with SO10. Financial consultant sounds like it describes both lines of work 
.
@Anonymous wrote:
@SamsungHDTV wrote:
@Revelate wrote:Two different things: employment history and income qualification. That said I don't see an issue here assuming he's continuing in his line of work... people change jobs, modern fact of life and banks are cognizant of that.
Tax return wise if he was on hourly and commission for 2+ years can't see where any lender would quibble about that, and if the new gig is straight W2 that's as easy as it gets for documenting income and he can qualify as soon as he can document 30 days worth of paystubs.
What would require two years if he's getting a bonus or other variable compensation in the new gig and attempting to claim that as income, that'd be 2 years presumably but if he doesn't need that to clear the DTI hurdle, no sweat.
Thanks for your input!
He just made the job switch and now is afraid to apply because he doesn't want to waste an inq. To give a little more details:
Its not the same line of work. He went from personal banker getting a base + commission to analyst with straight salary, BUT his new salary is more than his previous two years of income.
So how does it affect an applicant if he switches jobs into a new line of work?
I agree with SO10. Financial consultant sounds like it describes both lines of work
^^^Yep
@StartingOver10 wrote:Correspondent lender that is also a broker will be his best shot. Stay away from the big box banks.
Is the new job really a completely different field? Sometimes you can generalize the job description so that it is in a similar catagory as the previous job....
I'll recomend this to him. Thanks.
I had to google correspondent lenders lol. Any suggestions on good ones? Popular ones?
@SamsungHDTV wrote:
@StartingOver10 wrote:Correspondent lender that is also a broker will be his best shot. Stay away from the big box banks.
Is the new job really a completely different field? Sometimes you can generalize the job description so that it is in a similar catagory as the previous job....
I'll recomend this to him. Thanks.
I had to google correspondent lenders lol. Any suggestions on good ones? Popular ones?
Where are you located?
Edit: D'oh - it's right in your signature! Dallasloanguy is in TX, but I think you are about three hours from there.