Real Estate Community Forum

I recently changed jobs and I'm now working as a manger of a new company. This job pays more than my previous job, which is great. However, I am very concerned that the mortgage lender will place more emphasis on the number of years I was employed at the same comapany rather than the salary increase. How will my new job affect my chances of being approved for a motgage? How many years will they look in terms of employment?

It is my understanding that conventional mortgage lenders like to see you in the same line of work for at least 24 months before they will consider you stable. Basically, one of the most important element in getting approved for a mortgage is to stay at your job at least until you close on your mortgage. After you close, you can look around for a new job.

Many people do not follow this advice because they want to see if they can find a job that pays them more and hopefully they can find a bigger home with the new income. Unfortunately, this doesn't always work out in your favor. The bottom line is to stay at your old job when applying for a mortgage.

My cousin was approved for a mortgage even though he had his job for one year. In fact, he usually stayed on a job from one to three years and was approved for a mortgage for over $150,000 dollars. He`was able to find a nice three bedroom house in the suburbs of Detroit. Everyone in the family didn't think he was going to qualify for a mortgage because of the short time he worked at Ford Motor Company, but they approved him. It seems that job tenure isn't as important as others may think.