Job change and mortgage approval

[Eric H.]

I'm looking to buy my first property in a couple of months but am also considering a change of jobs. What are the guidelines on job changes and how they will alter my approval odds? Is there a certain amount of time underwriters want you to have a job for in order to approve the loan?

[Evan Battaglia]

If your getting a HELOC on your home to pay you would need two years tax returns. A job change is ok as long as there isn't a gap in work history of over a month. Commercial loans are asset based and don't require a 4506T aka income tax form. You will need enough liquidity to support the loan; usually you can leverage 3 times your liquidty with no experience for fix and flip. Rental loans don't require experience. Bring in a partner if credit score is below 700. Contact a lender to set up your line of credit rates start at 6.99% interest only for fix and flip.