Arizona Loaned

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How Long do I Need to be on My New Job to Qualify for a Mortgage?

I get this question a lot as I do my work as a mortgage originator. The quick and short answer is: you need to be on our job long enough to get one full month of pay stubs or pay statements.

Therefore if you are moving to a new state or a new location to start a NEW job (This does not include a transfer with the same company.) you will need to look for temporary housing to start that new work and then begin looking for your new home to purchase after you have a few weeks on the new job. Be sure to understand your new companies pay cycle and exactly when you will receive your first FULL month of pay. This could take 4 to 6 weeks depending on when you start and when your company’s pay cycle begins and ends. If you find a home to purchase right away make sure to coordinate your closing date with your mortgage loan officer and your real estate agent who is writing the contract and specifying the close of escrow date.

If you pay attention to this detail you will save yourself a lot of frustration.

With every rule there are at times exceptions. So be sure to speak to your mortgage consultant to see if you are able to close before acquiring the required full month of pay stubs/statements.

If you have any questions, please feel free to give me a call. Thanks for reading!

Cal Carlson
President
Prostaff Mortgage
602-279-7777
Cal@ProstaffMortgage.com
http://www.ProstaffMortgage.com

@CalCarlson
Facebook.com/prostaffmortgage