Obtaining a Mortgage With a New Job

A picture of someone holding a job offer letter

Can you qualify for a mortgage with a new job? The short answer is probable but let’s take a closer look at it. Typically, mortgage lenders want a 2-year history of employment to get a mortgage approved. Preferably, they would like 2 years of employment with the same employer.

If you have switched jobs recently, then the lender may ask for your offer letter or they may ask for some type of employment letter stating your title, start date and income level. Other times, they may either perform a verbal or written verification of employment with your Human Resources team. As always, you will need to provide the most current month’s paystubs.

Sometimes you can obtain an approval with less than 2 years employment if you have strong compensating factors such as a high credit score, low debt to income ratio or strong cash or investment savings.

The most important step to understanding what you qualify for is to speak with a trusted mortgage professional such as the Home Loan Advisors at Hall Financial.