We have many people apply for mortgages that have recently changed jobs.
Here are a few things to keep in mind if you or someone you know is about to change jobs and apply for a mortgage…
1) If you are getting transferred from one location to another, but with the same company you don’t need to do anything. This is fine because you have the same employer.
2) Generally, the underwriter will want to see your first paycheck at the new job at a minimum, and often they will want to see your first 30 days of paychecks. However, we have also been able to use a Verification of Employment to establish the new terms on occasion.
3) Sometimes it can create a “catch-22” if you are moving here from elsewhere and starting a new job at a new company. You can’t get the loan until you get some paystubs at the new job, but you have to move here and live here to work here. Sometimes temporary housing is required in these circumstances.
That’s it for today!
Thanks for reading!
Brett
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