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Hubby works tech and we've been renting for years. Want to leave our overpriced, crowded area and possibly buy a house in another state. Do mortgage underwriters ding someone for working from home or at a distance from the main office? He's been with the company for over 10 years.
No, the lender will simply have the employer confirm in writing that working from the new location will not result in any loss of income or job status (like, to part-time, or some other new designation.)
The big thing is going to be how he is paid, and how the income calculation works out, which would be the same calculation if you were buying in your current locale.
How would the mortgage company even know this detail? You provide your W-2s or pay stubs.
Lenders obtain a separate form , a Verification of Employment form, that involves various questions that vet the employment situation.
And an underwriter is going to look at the job, the borrower's current location, then the location of the new house, and evaluate whether it is a Reasonable Commute. Even if you work from home, the first thing lenders think is "will this impact income in any way?"
How many people work in the same state as their company's home office? I don't. Never have ... and I've worked for several corporations.
Yeah, that is common. That's why I find this confusing. A Google employee in NYC can't get a loan because Google is headquartered in CA? The CA location is listed on the W2 and payslips.
I could move anywhere in the country and keep my job. I am 99% home based.
(The older I get, the less I want to deal with co-workers. I am free management - answering newb's questions without compensation. In our world, one little question can be an hour plus to answer........like the guy with 4 S Corp on his returns).
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Thanks!
