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Job Change

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Job Change

Greetings all!

I’m working towards applying for a mortgage loan late next year. I have been a nurse for 10 years; 2 years at my current job. I plan to drop down to part time at my current job and start working as a full time nursing professor starting this fall. My salary will be similar. Will a lender have a problem with this and require me to wait until I have been working at the university for 2 years? I’d need to use both incomes to qualify for the price point that I’m hoping for.

Thanks!
Message 1 of 11
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Re: Job Change

That is a question for your lender. Most lenders only count your income in total and your oldest job as to age. However the issue with two jobs is it gets rather messy and if you need clarification you will need to ask the lender of choice yourself.

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Message 2 of 11
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Re: Job Change

Shouldn't be an issue, changing jobs is seriously common in the current market and it's easy to argue same field.

 

Not sure what you're referring to zerofire unless the second income is short-term... I've avoided trying to use my secondary income but admittedly my primary income affords me plenty of mortgage but if I needed it I'd claim it especially if I had a long-term history to back it up (probably ~2 years).

 

Vis a vis now I've been at one gig for a year and another for 7 months, and then had a third for a month: assuming that continues, I wouldn't try to count that third one, but I might try to count the other two if I needed it but I don't feel really comfortable stretching like that price wise personally... I remember dotcom where I couldn't find a gig after the collapse, and even after the mortgage crisis was awkward too: I don't think I'm going to have to worry about a gig until I walk away from it all with how the market is shaping up, but I don't want to take that chance either.

 

It'd be different if it were a part-time gig I suppose, but multiple full time ones get awkward.




        
Message 3 of 11
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Re: Job Change

Thank you! I figured that I could argue same field but wanted to ask.
Message 4 of 11
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Re: Job Change

Yes you can definitly argue that the field is the same and in some ways might be an improvement for the future.

 

I think me and Revelate are looking at it from diffrent perspectives. He is going from a gig perspective where his income is unstable. Yes that 1 month one might not be a a good idea to add. I on the other hand have two jobs with one being full time and the other part time. My lowest time at a job is 6yr. Each one is begging for more clones of me.

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Message 5 of 11
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Re: Job Change


@zerofire wrote:

Yes you can definitly argue that the field is the same and in some ways might be an improvement for the future.

 

I think me and Revelate are looking at it from diffrent perspectives. He is going from a gig perspective where his income is unstable. Yes that 1 month one might not be a a good idea to add. I on the other hand have two jobs with one being full time and the other part time. My lowest time at a job is 6yr. Each one is begging for more clones of me.


I probably need to change my terminology, gig economy has a clear meaning these days.

 

I just pick up random contracts at Fortune 500 companies these days apparently =/, and yeah they all want to hire me but I seriously don't have the patience for just grinding a single job out to retirement historically.  Admittedly if the one everyone's heard of follows through with their statements and the salary doesn't suck I might convert, but it's not lost on me that I'm making $29/hr + benefits more with the other pimp: I have travel expenses there but it's not that much even after taxes, ~90k if I hand-wave benefits is a lot to make up.

 

It's admittedly a good problem to have, just my work history looking at the SSA report is a little inconsistent... and I absolutely had to write a LOE on it for my own mortgage haha.




        
Message 6 of 11
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Re: Job Change

Yea that is called being a contractor. Not really giging since you do work for one company, yourself. The fun of that is of course everything comes down on you both good and bad.

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Message 7 of 11
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Re: Job Change

Hah cept I work for two companies!

Gig economy implies independent workers: nobody does that in my industry anymore too many lawsuits... so instead I work for pimps that I never interact with, just there are some restrictions like if my boss at big giant corporation has something to say to me he will tell it to the pimp who then relays it to me.

Stupidity but that’s the legal world we live in, though I was pretty irritated today with this circular communication path: not being able to give my own feedback directly is suboptimal.



        
Message 8 of 11
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Re: Job Change

Well we just got clear to close & hubby got let go from his job in middle of closing!! He got another job same day, same career field, same pay. They just asked for a voe from new company Thats it!
So youll be fine!
Message 9 of 11
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Re: Job Change

Thank you!
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