Starting a new job and buying a home at the same time can work.
The part buyers miss is that the lender may need more than the salary listed in the offer.
The offer letter should make the new job clear:
who the employer is, your position, your pay, and your official start date.
If the job still depends on a condition such as a background check or professional license, the lender may need proof that it has been cleared before closing.
The gap between jobs matters too. If your old paycheck stops before the new job begins, the lender may need to confirm that the future income can be used for your loan and that you have enough money to cover the time before the new income starts.
The exact requirements depend on your loan and lender.
Before choosing a closing date, line up:
Your last day at the current job
Your closing date
Your first day at the new job
Coordinate the employment timeline with your mortgage broker before you give notice, schedule the move, or lock in closing.
Save this for later. Send it to someone who needs to see this.
— If we haven’t met yet, I’m Richard Sarey, your go-to independent mortgage broker in Frisco Texas
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