Qualifying For Home with a New Job

Congratulations on the New Job in Austin

Austin is a booming town if you haven’t heard. Many potential homebuyers think that 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 they 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 pay stubs. That’s right! Scenario: Buyer moves here from out of town. She has the job offer letter in hand, but no pay stubs yet. In most cases, we can close the loan and have the customer send us pay stubs post-closing.

There are some caveats.

Here is a quick punch list:

1. New job needs to make sense: corporate transfer, new job in the 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 a customer re-entering the workforce (e.g., stay-at-home 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 or guaranteed wages, this really must make sense: Can the customer earn the same money in a 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 that they would generally have to develop a brand new set of clients, and it is too far to commute to their old home.

If you are a 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!