Changing Jobs and Mortgages

4 Replies

Hi there, wondering if anyone has some thoughts on a best approach here: I am planning on moving, changing jobs and purchasing a duplex (primary residence, rent the other unit out) in the next 4-6 months. By making it the primary I'm able to get a bit better mortgage rate and keep it at 20% down (I'm also a landlord novice so I would be able to dip my toes in relatively easily instead of approaching it with an investment loan, etc.) 

However, the lender is going to want to see the new job's W2s and that I'm living in the space. The easiest solution is to wait to buy, move down and rent, establish the new job and then buy but I'm wondering if there is a work around so the timing is a little smoother/I don't have to move into a temporary rental. Is it possible to purchase now with my current job's proof of income and move in later? 

Thanks!  

If you bought the property with a conventional loan with 20% down you would probably be able to make this work, but you may have the slightly higher interest rate as you mentioned.  But waiting for an extended period of time could also result in a higher interest rate so it will be a calculated risk.

Originally posted by @Melvin List :

@Liam Mooney if you are moving from a W-2 job to another W-2 job you should be fine.

Agree, assuming your not partly or fully commissioned, overtimed or bonused, in a manner that is of underwriting relevance. Or that your new job is not significantly different than your prior job. 

Originally posted by @Liam Mooney :

Hi there, wondering if anyone has some thoughts on a best approach here: I am planning on moving, changing jobs and purchasing a duplex (primary residence, rent the other unit out) in the next 4-6 months. By making it the primary I'm able to get a bit better mortgage rate and keep it at 20% down (I'm also a landlord novice so I would be able to dip my toes in relatively easily instead of approaching it with an investment loan, etc.) 

However, the lender is going to want to see the new job's W2s and that I'm living in the space. The easiest solution is to wait to buy, move down and rent, establish the new job and then buy but I'm wondering if there is a work around so the timing is a little smoother/I don't have to move into a temporary rental. Is it possible to purchase now with my current job's proof of income and move in later? 

Thanks!  

 Stick to the same field and all W-2 and you should be fine.  Best solution would be buy something, rent out what you have and start building your empire.:)

Stephanie