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01-30-2012, 12:19 PM
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103 posts, read 161,274 times
Reputation: 28
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OK so here is my dilemma. I have been at my job as a satellite technician for 2 years. My brother in law is a real estate agent so he told me i could get a house. We found a house and i got prequalified and put an offer for the house. At the same time i got a job offer at another job but not in the same field. I start in a week and already gave my 2 weeks Noriega to my current job. I will be making the same if not more with better benefits. My brother in law said that switching jobs would affect me still getting my house. Is there anything that can be done. I have 3 years including the 2 with the company i just gave my 2 weeks with no employment gap. Is there anything that can be done to still secure a loan or am i pretty much screwed. I live in CA in the central valley. Any help appreciated.
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01-30-2012, 12:49 PM
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5,220 posts, read 13,325,826 times
Reputation: 4397
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Quote:
Originally Posted by pixa241
OK so here is my dilemma. I have been at my job as a satellite technician for 2 years. My brother in law is a real estate agent so he told me i could get a house. We found a house and i got prequalified and put an offer for the house. At the same time i got a job offer at another job but not in the same field. I start in a week and already gave my 2 weeks Noriega to my current job. I will be making the same if not more with better benefits. My brother in law said that switching jobs would affect me still getting my house. Is there anything that can be done. I have 3 years including the 2 with the company i just gave my 2 weeks with no employment gap. Is there anything that can be done to still secure a loan or am i pretty much screwed. I live in CA in the central valley. Any help appreciated.
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If your new job is salary or a 40hr/wk hourly, you should be fine. If you are paid on a contract basis, or relying on bonus, commission or overtime for qualifying then you would be out of luck. |
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01-30-2012, 03:44 PM
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103 posts, read 161,274 times
Reputation: 28
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Yes it is a 40/hr a week job...the job i just quit was based on commission and bonuses to get a good check.
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01-30-2012, 04:02 PM
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106 posts, read 352,383 times
Reputation: 62
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If it becomes an issue with employment...try to connect the jobs somehow and relate them in some way so that the mortgage company will give its blessing.
But if its something like grocery store employee to used car salesman...that will be tough. I guess you could say your a cashier at the car sales place as you were at the grocery store...or some bs like that!
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01-30-2012, 04:09 PM
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103 posts, read 161,274 times
Reputation: 28
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Yeah i don't know if i will be able to do that lol. I am going from working outside putting up satellite dishes for TV to working in a factory.
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01-30-2012, 08:02 PM
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106 posts, read 352,383 times
Reputation: 62
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I guess it would be wrong to say the factory makes satellite dish component parts...
Yes that would be wrong. I wouldnt do it to live my dream of being a homeowner...
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01-30-2012, 08:17 PM
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103 posts, read 161,274 times
Reputation: 28
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Yes lol. It is a cheese plant. I have way better opportunity here to advance and get pay raises while at my old job i didn't. If needed i can get a cosigner. I don't know if that would help any?
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02-05-2012, 04:26 PM
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8,282 posts, read 10,926,556 times
Reputation: 15680
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Of course, a co-signer would help. Banks love co-signers, since it doubles the chances that one of you will be able to repay the loan. (A co-signer would be 100% liable for the loan if, for some reason, you are unable to make the payments.) All you need is someone dumb enough...er, willing...to be a co-signer.
I don't know your circumstances, but would generally advise you not to rush into buying a house. Is this a place where you expect to remain for a long while, or is there a possibility that you may move in a few years? That is a major factor in deciding whether buying a house is the best option. Also, don't look at a house as a great investment, unless you can find some low-priced fixer-upper where you can build up sweat equity. The real estate market isn't what it used to be, although I'm not particularly familiar with the California market. We may have bottomed out, but it will be a while--hopefully never--until the real estate market gets back to its over-inflated state. Good luck.
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02-06-2012, 01:16 AM
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577 posts, read 966,722 times
Reputation: 629
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Whatever you do, don't get a cosigner unless you really want to ruin a relationship. No need to rush into getting a house, if you are unable to get this one, just save up so you can qualify for something in the future.
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