@jcstarkey8826 wrote:My wife and I found the perfect neighborhood for us to live. One day while scouting as we normally do, we noticed an office that said, "no down payment? we can help."
So we went in to see. Told the sales rep that we had just moved to Ohio, and were looking to get a house when our lease was up. I mentioned to him that my wife just started her career in banking. She was a hair stylist before, making min. wage and working 20hrs/week and wanted to go into banking because It was a professional career she could enjoy full time and get a decent income. So she got a job making twice what she was making before.
The problem: I've read other places that most lenders want you to have two years at your job or in the same field... so what we are afraid of is having to wait two years to be able to buy a home. Some people interpret it as "two years in the same industry", some as "two years at same job"....either way it will depend entirely on how long she's been there. You might find a lender willing to accept only her new income but I think that might be somewhat difficult.
This place was perfect, lot backed up to hills and trees, they wont be building behind us, its being built now so it gives us an easy transition into the new home when our lease is up, they have a program where you can paint your house, landscape, etc, and they pay your downpayment if you do, plus there is no closing costs, so we would essentially be keeping all of our savings over the next 8 months for emergency fund, and if according to the sales rep, after may 24th (I think) the PMI will now be for the life of the loan. So he is urging us to go now, but when I mentioned her new job he gave us an app and said to fill it out and fax in to see. That sounded odd, can't I just call? Why do I have to submit an app and get a credit pull when I don't know if they'll accept her income? I would guess you would have to ask that very specific question on how underwriting will handle the scenario (before you app). Otherwise i don't think it's uncommon as a credit pull isn't the only thing done on a mortgage app.
It seemed so perfect and now I feel like this new job ruined it. If she would've stayed a hair dresser, we could've gotten the house, but we aren't about to pass up an extra $800/month.
I apologize for this being so long, I've tried staying off the boards with this and tried to keep my excitement down, but this seems like a deal-breaker. Has anyone changed careers before mortgage? I've read people saying if you can explain it, then sometimes they will make an exception, but would more money and a stable career be a good enough reason? Any ideas? I think the biggest issue you'll have is not that she made a career change, but will be getting the bank to recognize her new pay rate since she's been (i assume) working there such a short period of time. Every bank is different though.....what you can do is google FHA Underwriting Guidelines or other banks uw guidelines to see how they judge your scenario.
you had 3 urgent questions, not one 
