Obtaining a bank loan with a new job

5 Replies

Hello Everyone,

I am new to BiggerPockets and at the very beginning stages of embarking on a real estate investing career. I have been reading the forums and blogs, and plan on joining the CT REIA this month.

I work in the Financial Services Industry.  I have been with my current employer for five years.  I was with my previous employer for four years and the with the employer before that for almost eight years. 

I'm currently looking to change employers and have a couple of interviews lined up.  My question is, if I change employers will this hurt my chances of obtaining my first bank loan even though I have a history of staying with an employer for a long time?



Yes it definitely could hinder that, especially if you switch industries.  Also the fact that it would be your first bank loan AND your starting a new job would be a double red flag.

You should be alright.  My wife changed jobs right as we acquired our primary.  As long as the field you are switching to is similar to past jobs and your previous employment history is as good as you claim I see no worries.  Worst case scenario is you do not get the absolute best loan qualification from first lender you interview but once you shop around you likely will.  People change jobs/careers all the time.  And to be honest my wife switched from fathers flooring company to corporate jewelry position and we still manage to get loan. 

Thanks Joshua.  I plan on staying in the same industry, so hopefully that works in my favor.

Great news, thanks Shawn.  I'll definitely take your advice and shop around if the terms aren't favorable.

@Marc Lewis  

As long as you're in the same industry, have gone to school to upgrade or change your industry and your income isn't declining you won't have an issue.

You Loan Officer just has to write an LOE (Letter of explanation) that makes sense. The biggest thing is income and other things can be explained.

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