Employment history requirements for investment property

[Karene Burnett]

My Husband and I have been looking to purchase our first investment property. My husband has been at his current job for 7 years and it is a 70/30 split Salary/commission. He was offered a position at a new company with a salary higher than his current total expected earnings and is planning on taking it. After starting a new position how long should we wait before applying for a loan? Just looking for typical work history requirements. His income will be guaranteed now. Would 30 days with a letter from his new employer confirming his salary be sufficient? What is the typical timeline? Any help is appreciated. Thanks!

[Kevin Romines]

The reason you would go to a Conventional loan versus a Non-QM loan that was brought up by @Arsen Atanasovski is that rates are better on a conventional loans. So the 1st loan you would want to look at is a Fannie Mae or Freddie Mac. type loan. However there can be higher LTV or Loan to Value on some Non-QM loans. The rates are close to what a Conventional loan rate would be, but the reserve requirements can be higher than what Conventional loans would call for.

I hope this helps?