Starting a new job and applying for a mortgage

[Anonymous]

How long do I have to wait to apply for a mortgage after starting a new job? I was at my old job for 3 years but started a new job with one pay stub so far. It's in the same industry with a significant salary increase and there was no gap in employment as I only took 2 days off plus the weekend before starting my new job. Typically 30 days of paystubs are needed from what I can tell but can I apply for a mortgage and accrue the 30 days before close or do I have to have 30 days pay before I even apply?

[Anonymous]

This littlepigy came in and asked-

"how long do I have to wait to apply for a mortgage after starting a new job? "

They say 2 years, but always exceptions.  I'm not a pro, so any advice I give is just from hanging around here and listening to the jokers that are.

But no gap in employment, same field etc, carries some wt.  But it's like this here, somebody offers me a chance to better myself and family in the same field? I'm gone.  (think long and hard before moving from a field you like/love to another just for the money though).  And I'll worry about the mortgage situation later.

[Lemmus]

...you can probably get a pre-qual from any number of lenders that will let you start house hunting ...most lenders will want a longer history on your current job but just how long varies with the overlays ...by the time you bring a contract to them you should be ok ...and even then, the govt guaranteed loan guidelines allow the uw plenty of leeway in these types of situations ...its a problem, but not an insurmountable one ...hth

[Anonymous]

I had my job for about 6 months before applying and was approved.  They did ask for tax forms and such to verify my income from my previous job, but because I had continual employment for several years it wasn't an issue.

[Anonymous]

I just called my lender and it's not an issue at all. With my credit score and 20% down, they'll allow my 30 days to accrue during closing. I just have to provide my first paycheck stub and offer letter that states my salary. He said being salary vs hourly helps with a new job as well. I'm waiting now to hear back about the preapproval amount and terms.

[Anonymous]

I should add, I'm doing conventional and not FHA.

[frugalQ]

As long as the new job is in the same field and the combined employment history is 2+ years, there's no issue. You can also show pay stub for the old job and the new one to satisfy the 30-day pay stub rule.

My DH started a new job last year, 2 months before we went under contract for a new house. It never came up as an issue.

Good luck