How does changing jobs affect getting a home loan.?
I have been at my job for 5 years, I guess they consider that job security, however after 5 years I still make the same amount of money so I am looking for another job that'll actually give me a raise. My wife thinks that me changing jobs will affect our chances of getting a good home loan. Does anyone know if this is true or if they'll consider my past job as well?
Asked By: Thomas G - 12/26/2012
Best Answer - Chosen by Asker
almost all lenders require 2 years of stable employment history to get a job... More
Answered By: A Hunch - 12/26/2012
Additional Answers (3)
It probably varies from lender to lender. Why don't you go to your local bank and ask them if changing jobs would effect an application for a loan there? Some lenders want the borrower to be in their job for at least a year, while others don't have that criteria.
Answered By: hottotrot1_usa - 12/26/2012
If you are in a new job for less than one year, some banks will look at you as a risk for a home loan. These banks will have doubts about your longevity in the "new" position. Other banks may give you a break if you come in with a sizable down payment, and if you had a steady work history prior to changing jobs.
Answered By: W B - 12/26/2012
since most lenders want at least a two year job history, why don;t you consider getting a 2nd additional job to help save for a larger downpayment on a home? you can always put off job hunting until you,ve secured a new home.
Answered By: Tricia - 12/26/2012
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