New Job? You May Qualify for a Home Loan

Qualifying For Home with a New Job

new job to buy home

Congratulations on the New Job in Austin

Austin is a booming town if you haven’t heard. Many potential homebuyers think the with a new placement, they can’t buy a home right away. Despite the assumption that when one moves to a new town to start a new job that she will have to rent for a while, this is not always the case. Furthermore, in a competitive sellers market, buyers might not want to wait.

New job, new home, no problem!

If a buyer has a new position and an offer letter, she can apply for a home loan without paystubs. That’s right! Scenario: Buyer moves here from out-of-town. She has the job offer letter in hand but no paystubs yet. In most cases, we can close the loan and have the customer send us paystubs post-closing.

There are some caveats.

Here is a quick punch list:

  1. New job needs to make sense: corporate transfer, new job in same industry, new college graduate, etc.
  2. We will get a written letter of employment from the new company where wages must be guaranteed

What are some potential roadblocks?

  1. If customer re-entering the work force (e.g. stay-at-mom or stay-at-home dad starting her/his career back-up), this generally can’t be done as lenders what time on the job.
  2. Self-employed folks. Since there is no job offer nor guaranteed wages, this really must make sense: Can customer earn same money in new location? Examples where this makes sense: author, computer programmer, artist. Examples where this may not make sense: insurance agent, Real Estate agent, dentists, lawyers, etc. The reason the latter group doesn’t make sense is because they would generally have to develop a brand new set of clients, and it is too far to commute to old home.

If you are home buyer or a realtor representing a home buyer and want to learn more, contact me. Let me know if you have any scenarios or customers where we can help. Happy to do it!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

© Joel Richardson. All Rights Reserved. | This website is operated by Joel Richardson, who is currently an employee of VeraBank, N.A. (“VeraBank”) The views expressed on this website are not necessarily those of VeraBank. This website also has its own privacy policy, which may differ from VeraBank’s privacy policy. VeraBank makes no express or implied warranty regarding the information or data on this website, and hereby expressly disclaims all legal liability and responsibility to persons or entities who use or access this site and its content, based on their reliance on any information or data that is available through this website. Joel Richardson has sole responsibility for the information and data on this website. Deposit and loan products described on this website are offered through VeraBank, Member FDIC. To visit VeraBank’s website, here.