Job change in the middle of new mortgage application?

[heartsy77]

We have decided this is the year we are buying a much needed new house. Well my DH had applied for a job with NYS a few months ago, but due to a hiring freeze it never went anywhere.

Well yesterday her received a phone call from the head of HR stating he was on the short list for a new position. Great! But does this mean the lender ( most likely FHA or 1st time home buyers program) is going to deny our application if my husband takes a new job?

My Dh has worked at the same printing company for 14 years. The printing industry is really hurting and he figures his job will be gone in 10 years.

We haven't formally applied yet. We were waiting till next month; by then we will have the cash for the down payment.


My DH very much wants this job and they pay is slightly better, benefits way better ( civil service). But we desperately need a bigger house! Our current home is just under 1,000 square feet with 1 bathroom for 5 people!

 

[WheelCEO]

Take the job and notify your mortgage lender upfront about the situation when you apply. They typically will need to see a few pay stubs from the new job. I've had clients lose their jobs a day before closing and the closing has had to be postponed. You aren't the only ones out there facing the same issue, so don't sweat it!

 

[KibbyCat]

Is the new position with the same company? If so, I wouldn't look at it as a new job, but rather a promotion or transfer.

 

[heartsy77]

Is the new position with the same company? If so, I wouldn't look at it as a new job, but rather a promotion or transfer.

No new job is civil service through New York State.

 

[Lisa loves Pooh]

My husband was laid off in Nov1, 2009, had a new job Dec 1, 2009, pre-approved for mortgage in February, closed on new house in new location in April of 2010.

B/c he was in the same industry, the job change was irrelevant.

However--it was for a conventional loan.

Is your husband doing something totally different--or is it in a similar career field?

Additionally--the only person who could directly answer your question is the lender.

We were told that had my husband changed jobs and became self employed, that he would have to wait to years, even if it was the same industry.

Our only hitch is that he was officially a temp employee as he was hired through an agency. To do the offer letter with valid pre-approval, we had to retrieve in writing from his employer that he would be converted--and he had to be converted by closing. He converted to permanent status April 1, and closed at the end of the month.

ETA: We obtained our mortgage through USAA without any contingencies to sell our FL home.

 

[Halle]

DF's daughter went through the same thing in August in NYS. She took a new teaching position after the mortgage application was processing. It took about a month longer and some documentation from the new school district but she was able to close on the property. The lender was M & T bank.

 

[malibuconlee]

Well, we bought a house when we moved states for a new job with a different company. We used his offer letter as part of our application process.

We did have 20% down and also showed our previous income. Had no problems.

 

[mamaLori05]

We had a similar situation with my dh while we were refinancing. I would notify your lender ASAP and see what they say, ours told us upfront it would not be a big deal because we had a high credit rating and we had enough invested in our house. If you have 20% down payment and high credit rating I would think you would still be okay. They will probably need some paystubs though.

 

[heartsy77]

Thanks for all the replys! I feel much better that others have been in this situation.

This will be a complete career change but a secure job with the state. Even though the NY budget is mess, he will be mandatory personal in a state mental hospital so it is about as secure as you can get these days! Thanks again I really want this new house!

 

[RadioFanatic]

Just an FYI, NYS has an awful rule where you don't get paid the first month of work - they hold that pay until you leave or retire and then you get it - it saves them a ton of money. It may sound illegal, but it went through the courts years ago and found to be ok.

 

[heartsy77]

Just an FYI, NYS has an awful rule where you don't get paid the first month of work - they hold that pay until you leave or retire and then you get it - it saves them a ton of money. It may sound illegal, but it went through the courts years ago and found to be ok.

I'm aware of this, it seems so ridiculous! But at this point it is a necessary evil. I do work too ( and attend school) we may have to just put off applying for another month. Thanks for the reminder.