We’ve gotten several questions recently about buying a home with a new job. One person said, “I’ve read that I have to be on a job for two years before I can buy a house? I hate renting, how can I get a house with a new job? I just got out of the Nursing Program at UNC Chapel Hill.”
First off, congratulations! In your case, because you’ve been in school for nursing, and now you are working as one – the underwriter would consider that “within the same field.” Assuming you graduated in Dec of 2012 or Spring of 2013 – and you didn’t take 16 months to find a job – you’ll be fine.
Even if you graduated from College, and decided to take a year off to roam around Europe, you’d still probably be okay – we’d just have to document it, you’ll need to write an explanation letter.
If you switched fields, you may have to wait a until the probation period is over. So if you went into Medical Supply sales – for instance, you’d need to show a history of being able to make that transitional job work.
Actually, sales jobs in general, add special challenges when qualifying for a home when you have a new job. If part of your income is derived from Commissions – we have to show a 2 year track record to qualify you. Additionally, we are going to look at non-reimbursed business expenses during that time too.
If your considering buying a home in today’s Chapel Hill, Durham Real Estate market the first step is really to get Pre-Approved before looking at homes. Mortgage Guidelines have changed dramatically over the past few years and with interest rates changing (getting higher) this summer – we need to look at your budget and your goals.
Even if you were Pre-qualified a few months ago, the new mortgage rates, and the new NCHFA lending guidelines may have dropped the amount you can now qualify for.
It is a great idea to talk to us again, to see what you may or may not qualify for and to understand all that goes in to your mortgage payment. Remember, FHA allows compensating factors, but most of those guidelines got a little tougher on April 1, 2013. USDA Home Loans will see a map change on October 1 – so don’t put this off!
Again, though if the general question is, do I have to be on a new job for 2 years before I can buy a house – the answer is, “Probably not.”
If you have more questions about How Can I Get A House With A New Job?, leave us a comment below – we try to answer all of them , or call Steve and Eleanor Thorne 919-649-5058. NC First Time Home Buyer Programs can help you do this! We offer the Best Mortgage Rates in NC! Connect with us on Google Plus andFacebook