Yes, changing jobs can impact the home buying process…sometimes. Other times, it’s really not that big of a deal. Like a lot of things in real estate, it depends on certain factors, but the most important thing to remember is to be as transparent with your lender as possible…and as early as possible. Let them know what is going on as far ahead as you can so that they can help you navigate next steps.
The largest consideration for lenders in this case would be the impact the job change would have on your income. In general, lenders require income stability, meaning they want to see stable and consistent income history. If your income will be changing considerably with your job change, it’s possible that the lender may require a waiting period. This period could be a few months long to establish proof of consistent income in your new position.
Another stability that the lender would want to see if you are staying within the same general field. For example, a nurse who is making a change from one hospital to another might not make much difference to a lender. However, a nurse who is leaving the health care industry to take an office job at a tech startup company, that may cause some concern to a lender.
While changing jobs can create some challenges in the home-buying process, it doesn’t mean it’s impossible to buy a home. Being prepared, maintaining good financial practices, and seeking expert advice can help you navigate the situation and make your dream of homeownership a reality. It’s important to plan ahead and have a clear understanding of how your job change may impact your ability to secure a mortgage.
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