Can I get insight on applying for a mortgage when I Just got a new job?

Question

My husband and I just moved from Hawaii to New Jersey. He has been in the Marine Corps for 5 years and I was working for a temporary agency. Now, we are staying with family but eagerly looking to buy our FIRST HOME. We have looked at houses and found two we really love. However we are a little lost on applying for a mortgage and don't know if it matters how long we wait to apply since we just started our jobs 2 weeks ago. Please let me know if new jobs affect mortgage lending. (My job is in the field I received a degree in 2 years ago)

Answer 1

If you haven't started your job for that long yet, I would personally suggest you just hold off on getting a new home because you don't know how stable your job really is yet.  Especially right now with the economy being as bad as it is too!  Just get an apartment at the most and wait off on getting a house.  Just save and wait on the big purchase until you're financially stable because lately even people that have had their jobs for over 10 years are getting laid off or their companies are shutting down.

Answer 2

Having such short job history may make it more difficult to get a loan, but if you're going for a VA loan, it's less of an issue.  Underwriting standards are more stringent now.

My advice is SAVE for your down payment.  Don't take a 0% down loan, harder to qualify, and a bad idea, particularly in this housing decline.  FHA requires 3-5% down, although some VA are 0%--don't do it you have no equity in the home.  Hopefully you have good credit, if not work on that for 6 months and save for down payment.

Lenders are looking for good credit, stable employment, down payment.  Go to 1 or 2 lenders and get Pre-Qualified to find out what loan you are eligible for, and the rates and terms--which vary.  Find out what your problems are, and what you can do to fix them, ex. wait 6 months for job history, wait 6 months to improve credit, wait 6 months to increase down payment.  

You may be able to increase your down payment with the new program for first time home buyers:  http://answers.yahoo.com/question/index

BEST of Luck!  Thanks for your service!

Answer 3

You both have excellent reasons for the move and the job change.  The mortgage company will be very understanding.

Be sure and get a good and local loan officer.  Ask your family and friends for recommendations.  An internet based company could be a real problem if you need to talk to a human (and you will need to talk to a human).

Answer 4

Ive gotten mortgages before I even started a new job. All you have to do is get your new job to provide some sort of documentation. I believe I used an offer letter when I got hired on to get a new mortgage. Your best bet is to talk to a loan officer and they will tell you everything you need. But for sure, an offer letter will do it. If you dont have that, ask the company you work for, for some sort document for the job agreement you have.

Answer 5

As long as you have an explanation as to why you moved (you do) and can provide offer letters/paystubs from your current employer (seems like you can do that), you should be fine.  List your previous jobs on your application in case they check your previous employment status and wages.

I work for a tough lender but we know that people change jobs when new opportunities arise so we don't look upon changing jobs often as a negative.

Answer 6

You are right to plan ahead.  Mortgage companies look for good jobs, good credit, good track record of saving money.  If you have those 3 you will get a loan.  But to get the best loans, there are extra requirements. Some loans require 2 years.  Some 2 months.  Some only require you to have good credit and no job at all.  Each of these will cost you a higher interest rate.  Only you can decide if it is worth paying a little more each month?  Or just wait till you fit all the best lending categories?