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 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!