Albany, NY · Member since 2019 · 5 posts · 0 votes
I am currently a newbie closing in on making my first investment purchase. I'm looking at purchasing a triplex or fourplex using an FHA loan. However, I am considering switching to a new job in a completely different field and job role. Initially my pay will be about the same as what I'm making now (perhaps a tad less initially but will earn me significantly more a couple of years down the road.) Will switching jobs to a totally new field/different career totally disqualify me from getting an FHA loan? Or am I still qualified as long as I have a steady employment history? Thank you for any knowledge anyone can share!
I am currently a newbie closing in on making my first investment purchase. I'm looking at purchasing a triplex or fourplex using an FHA loan. However, I am considering switching to a new job in a completely different field and job role. Initially my pay will be about the same as what I'm making now (perhaps a tad less initially but will earn me significantly more a couple of years down the road.) Will switching jobs to a totally new field/different career totally disqualify me from getting an FHA loan? Or am I still qualified as long as I have a steady employment history? Thank you for any knowledge anyone can share!
You would need to tie the old job to the new job in a narrative that represents career progression. Lawyer to janitor wouldn't cut it. Janitor who just passed the state bar and got their first job as a lawyer would totally cut it.
Assuming both positions are salaried, or consistently 40 hours a week. Note that IRS Form 1099 is automatically self employment, per the IRS tax code.
In my past experience when I was working as a loan officer, we would perform a verification of employment 2 days or so prior to closing, assuming the borrower was still working at the place I qualified him/her at. I am sure Someone that is more update with current guidelines will chime to in. I have not worked in the industry for a number of years.
I am currently a newbie closing in on making my first investment purchase. I'm looking at purchasing a triplex or fourplex using an FHA loan. However, I am considering switching to a new job in a completely different field and job role. Initially my pay will be about the same as what I'm making now (perhaps a tad less initially but will earn me significantly more a couple of years down the road.) Will switching jobs to a totally new field/different career totally disqualify me from getting an FHA loan? Or am I still qualified as long as I have a steady employment history? Thank you for any knowledge anyone can share!
You would need to tie the old job to the new job in a narrative that represents career progression. Lawyer to janitor wouldn't cut it. Janitor who just passed the state bar and got their first job as a lawyer would totally cut it.
Assuming both positions are salaried, or consistently 40 hours a week. Note that IRS Form 1099 is automatically self employment, per the IRS tax code.
Rental Property Investor · Edison, NJ · Member since 2016 · 753 posts · 565 votes
7y
@Joanna Brumley. I would wait until you move since it is a new industry and it does not sound like you will be paid much. This potential job change could keep you from being approved for a mortgage.