New house, new job?

[kam]

We haven't closed yet on our new house and DH is interviewing for a new job. It pays a lot more, but I thought job history had to be pretty steady for two years. I am the primary borrower if that makes a difference. Anyone know if he can change jobs without issue or is this a bad idea? Thanks in advance!

[kiddo]

Have you already been approved for a mortgage. If so I would just give your loan officer a call and ask him. If you have good credit and a previous solid work history, it shouldn't be much of a deal.

[boilermaker]

I changed jobs when we last moved and I just had to provide a letter from my new company stating my position, location and annual salary. Since I have been out in the real world working for a plenty of years now, it wasn't a concern at all.


ETA: We had already been approved for the mortgage at this point. I don't know if that makes a difference or not.

[emmjay]

A friend of mine is in the mortgage business - according to him, you don't have to have the same actual job, you just have to be employed for the 2 years in roughly the same industry. So if he's getting a job that is in the same field as his current job, it shouldn't be a problem.

[dionysia]

We bought a home while I was between jobs. I provided my offer letter for my new job, which showed salary.

Di

[kam]

Cool - we are approved and it's in the same industry. It's with a pretty large company (much bigger than his current company) and he's been in the same industry for 5 years. I can't imagine they'll say "Oh, no, making more money is a BAD thing"!

Thanks everyone!

[kam]

UPDATE:

DH has one more interview but has been told he pretty much has the job. Here's the problem: like many of the jobs in his field (IT), it's contract-to-hire. The contract states that there won't be an interview process after the time period and he will be hired unless he's essentially become a felon during the time. It pays $20k more per year.

Unfortunately, apparently Fannie Mae (or the program we're in, at least) will not accept income from "temporary" services, even with a signed contract in place. So they'll accept Mary Kay but not temporary? Mmmmmkay.

Luckily, my income is enough to continue with the purchase but this means he's not on the paperwork. I'm very disappointed.

Good thing I checked with the mortgage agent, though!

[kiddo]

He can still be listed on the deed as an owner, he just won't be listed on the mortgage.

I have not so good credit and am not working anyway. My DH has perfect credit and we were accepted for our mortgage based on his income alone.

He is listed on the mortgage, we are both on the deed.

[kam]

Thanks kiddo!