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