Is getting a new job going hurt me in attaining a loan?

Question

Hi guys need info, starting a new job pretty soon. I'm interested in buying my first rental property, just concerned on qualifying for a loan. I rent and I do not have a mortgage currently, have good credit and 20% down.  This being said should I be worried? If so how long before I can get a loan?

Franklin Romine · Answer

@Geff Acosta It could hurt you if you are changing industries and were not at your previous job very long. When you are in accumulation mode buying properties and have a good full time w2 J O B... sometimes it is worth the pain to keep accumulating.

Frank

Geff Acosta · Answer

Yeah I though so, makes since that it will take me longer.

@Nicholas Miller " priority period from fannywww.homepath.com ) live there for a couple of years then flip it." Never heard of this, how does this work. Do not really know much about the priority period from fanny.

Nicholas Miller · Answer

Yes, you should be worried!  The longer your employment the better off you are in the eyes of the bank.  I have not gotten a bank loan in years so I am not 100% up to speed on this but I believe it can negatively affect you for 90 days to as long as 2 years.

If you are renting you could always buy a property under value, (exclusive listings from HUD www.hudhomestore.com or priority period from fanny www.homepath.com ) live there for a couple of years then flip it.

Keep in mind not every house is a bargain on these websites however 51% of the homes owned by HUD sell within the first 45 days ( stat taken from last 5 years of sales history for the Upstar MLS of Northern Indiana )

Is getting a new job going hurt me in attaining a loan?

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