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CharlesLSU
LSU Fan
Member since Jan 2007
18222 posts

Mortgage Question: Spouse changing jobs before applying

Does anyone know if the fact that my wife changed jobs 6 months before applying for a loan would negatively affect the process?


Chaplain
Miami (FL) Fan
8,000,000 posts
Member since Nov 2009
923 posts

re: Mortgage Question: Spouse changing jobs before applying
It could. depends on the lender.


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Mr.Perfect
Louisiana
Member since Mar 2013
6539 posts

re: Mortgage Question: Spouse changing jobs before applying
Did she change industry?

Better way to ask is did she change the vertical she is in


CharlesLSU
LSU Fan
Member since Jan 2007
18222 posts

re: Mortgage Question: Spouse changing jobs before applying
Would be a change to reduce commute. She's an Accountant.


Hawkeye95
Iowa Fan
Member since Dec 2013
6007 posts

re: Mortgage Question: Spouse changing jobs before applying
if she has a strong employment history, you shouldn't have a big problem. But your results may vary.


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MNCscripper
LSU Fan
Alligator Bayou
Member since Jan 2004
5363 posts

re: Mortgage Question: Spouse changing jobs before applying
I didn't put my wife on the mortgage, just on the title


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
12951 posts
Online

re: Mortgage Question: Spouse changing jobs before applying
It should be no issue at all if she has a good employment history, is salary and in the same line of work.


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CHiPs25
Arizona Fan
Georgia Fan
Member since Apr 2014
855 posts

re: Mortgage Question: Spouse changing jobs before applying
quote:

I didn't put my wife on the mortgage, just on the title


Did this hurt you at all? My wife has bad credit for some previous mistakes but has her act together now (thanks to me). I have mid 700 credit so hers would probably bring my down. We rent and have never owned but will own in the next year or 2.


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
9565 posts

re: Mortgage Question: Spouse changing jobs before applying
I approved a friend's fiancé with her first paycheck stub, a written and verbal VOE (Verification of Employment) and a copy of her degree from LSU she just graduated and received.

The key is not length of employment. It's consistency of employment. Is your work history riddled with time spent not working? Or did you leave for consistent work one job after another. Also, will she be taking a paycut? That will affect the maximum loan to value (LTV) that you qualify for. If she takes a raise, good. If it's a cut, them the question is how deep? Your Debit To Income needs to be below 45% to do most anything prime/conforming (meaning getting a good rate on your loan).


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MNCscripper
LSU Fan
Alligator Bayou
Member since Jan 2004
5363 posts

re: Mortgage Question: Spouse changing jobs before applying
quote:

Did this hurt you at all?


Nope, made my credit score go up and get a lower interest rate


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