Can you get a mortgage with a new job

Someone once asked me: "I worked at Best Buy as a wireless consultant, and I got a new job as a Branch Banker. It's a way better paying job; I've been there about six months. My wife has been at her job full time for about six years. I have a credit score of 733 and my wife's is 785. Will my new job be a problem"?

The guideline for a conforming loan—one that ultimately will sell to Fannie Mae or Freddie Mac—is that you must have been in the same line of work for at least two years. One exception to this is if you've trained for the position you now hold, like someone who graduated with a business major and is now working in banking.

FHA, a government-insured loan program, just requires a "stable" employment history, and that you be in your present position for at least 6 months. FHA requires a 3.5% down payment and will carry mortgage insurance for as long as you have the loan.

It's crucial that you find a loan officer who knows what he or she is doing. The rate is very much secondary—besides, everyone sells their loans to the same investors, so there is not a lot of variation from one lender to the next. A good loan officer will answer your questions in simple terms, return your calls, and figure out the best ways to get your loan approved. A local mortgage broker or independent mortgage banker is your best bet.

Good luck!

Call or text me for quick no hassle answers.

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