topic Re: New Job- Mortgage loan in Mortgage Loans

New Job- Mortgage loan

Anonymous — Fri, 17 Sep 2021 18:36:12 GMT

Hello, just looking for advise on how my job switching will look when I apply for a mortgage loan. I may be accepting another job and it has me worried because I dont want it to affect my loan chances. I've listed it below:

7/2018-3/2020 1 job where I made $57000

Left that position for a better paying job

3/2020-now I am making 90k

Looking to leave this job

10/21 Start new job making 110k

I do not have any gaps in between any of my jobs and I have left those positions for better paying opportunities. I have jobs listed before 2018 as well but I know the mortgage app will ask for 2 years of taxes. I'm afraid to take this new position if it is going to hurt my chances of a loan, however it is a 20k increase for me. I am also the sole income provider at this time since my spouse has been staying home with kids and remote learning. Anyone have experience with this or advise? TIA

Re: New Job- Mortgage loan

Anonymous — Fri, 17 Sep 2021 20:18:54 GMT

Assuming that they are within the same industry, you should be fine.

I had a similar experience when recently applying for our mortgage:

Employer 1: 2008 - 2018

Employer 2: May 2018 - Oct 2020

Employer 1: (went back to Employer 1 ... big mistake): Oct 2020 - Feb 2021

Employer 2: (consultant / 1099 for Employer 2 - they really wanted me back but I didn't want to go back full-time) Feb 2021 - May 2021

Employer 3: May 2021 - Present (dream job!)

I was fully expecting a letter of explanation, but the loan officer/underwritter didn't care. It was within the same field and showed an increase in my earnings.

Re: New Job- Mortgage loan

Mortgage-Specialist — Fri, 17 Sep 2021 21:23:18 GMT

As long as your new job is salary or hourly and you're not counting bonus or commission income underwriting will use your new increased income

Re: New Job- Mortgage loan

Anonymous — Fri, 17 Sep 2021 21:26:18 GMT

Nice! Thank you. Its in the same field as well.