Years of Service on the Job.

[Ewalker33]

I have worked for my current employer for 14 years and I am 32 years old. I am looking to change jobs, but I want to purchase a house next year when my credit score comes up. Will changing jobs affect me getting a home loan?

[ezdriver]

If yiu changed jobs and stayed in the same field of work, that will not present any major challenge for obtaining a mortgage. My recommendation would be to stay in the job until you buy the house and then switch jobs. It will be much less complicated. Besides, if you are seeking to buy a resale, you could wrap up that transaction in less than 120 days easily ... provided that you make relatively quick decisions and cut a deal.

[Ewalker33]

The new job will not be in the same field of work unfortunantly. How much will this affect the loan approval?

[pm11222]

I know people say you should stay in the same line of work, but I worked one job for 1.5 years and then switched careers and had been on that job 6 months when I applied and had no issues with approval. I do have degrees in both fields, but I wasn't asked to explain

[BrianB_The_Loan_Professor]

If you can tie the work together then you may be ok - in a situation like this the more time at the new job the better off you will be - Hopefully it is a nice step up and the income will show why you changed - that always helps

Brian

[Ewalker33]

I have been fighting professionally for about 6 years while working my normal job that I have worked out for the past 14 years. I'm looking to venture over to the training and fighting as my main source of income. It does not pay as much and that's why I'm concerned about a mortagage approval on a new home.

[ShanetheMortgageMan]

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@Ewalker33 wrote:

I have been fighting professionally for about 6 years while working my normal job that I have worked out for the past 14 years. I'm looking to venture over to the training and fighting as my main source of income. It does not pay as much and that's why I'm concerned about a mortagage approval on a new home.

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Would you be employed or self-employed?   Would you be making salary or how would you be getting paid?

[Ewalker33]

I would be self employed working out of a gym with a monthly salary and also self employed fighting for different promotions around the world. Same as I'm doing now, except the fight salary would no longer be extra income, it would become a main source of it.

[ShanetheMortgageMan]

Self-employment typically needs 2 years to qualify, but 1 year may be acceptable if going FHA if you were previously employed in the same line of work in which you are  self-employed or in a related occupation for at least two years.