How can I get financing despite my recent career change?

[Mayokun Orekoya]

Hey guys, So I'm looking to get a duplex for my first home and house hack it, but I'm a little nervous about financing. My credit score is currently ~760, but it lacks long term closed ended loans( I bought my car cash from a family member). My main concern is that I just changed careers last year. I spent the majority of last year pivoting from a customer service role where I made about (50k a year) to where i am right now in the IT field working 2 jobs remotely for a projected income of 250k this year. I would of course like my credit line to be based on my current income, but i'm not sure what my odds are with a traditional lender. Currently I have about $20k in ln cash. Do you guys have any advice for someone in my situation?  

[Nick Belsky]

@Mayokun Orekoya

You may still qualify for conventional financing. So long as you have 2 years of consistent income. With your new positions, are you being paid W-2 or 1099 income? That could be what may push you out of conventional into FHA. FHA likes 2 years, but will work with 1 year if there is a change in income type. Doesn't always fly, but it does if all other compensating factors are strong. Both like consistency or growth... if you can show that in documents and give firm confidence that the income is likely to continue, you may be golden!

Also, if you are unaware of homestead laws in Texas, become familiar.  You are not legally allow to pull cash out of an owner occupied duplex in Texas due to the 50a6 laws.  HELOCs are also tricky and most lenders avoid them due to the crazy laws Texas imposes.  Just a heads up.

Cheers!