Can You Get a Mortgage With a New Job? Without Full Time Employment?

 

People are wondering, can you get a mortgage with a new job?  Well, the answer is definitely yes, but there are some catches to it.  To qualify for a home loan, you have to make sure the bank is willing to approve you.   To do this, you must eliminate the potential obstacles in your way before you even apply for the home loan.  You can get a mortgage with a new job, or even without full time employment, but you have to prepare yourself first.

Borrow Less

You can get a mortgage with a new job, but you may not want to push it.  You will want to borrow the minimum amount you can realistically do. This could mean putting up a larger down payment, or finding a way to finance needed repairs in other manners.  The banks will look at something called loan to value ratios.  Essentially, they will only loan out a certain percentage of the actual value of the home.  This is often around 70-80 percent.  So, if you want to buy a 100,000 home and you don’t qualify for government homebuyer programs, you can only borrow 70,000 to 80,000.  Borrow less and you can get a mortgage with a new job, even if it’s not full time, in some cases.

Quick Improvements to Credit Score

You can still get approved for a mortgage with a new job, but you really need to keep on top of your credit score.  Find out what your score is.  This is very important.  If you are under 720 or so, you may need to make some improvement.  Try to challenge errors and pay down your credit card balances and the balances on your other loans.  This will aid you as you try to borrow money for a house.  You can still get approved for a home mortgage with a new job, but you need to have a good credit history.

Additional Collateral

If you own another property or even some vacant land, you can often get a mortgage with a new job.  This is because you can use the property to help secure the financing, offering it as collateral.  Keep in mind that if you miss payments, the bank may put  a lien on your collateral land or property.  Large ticket items, like motor homes or newer boats and cars may help out too, if you own them free and clear.  You can get a mortgage with a new job and buy a home.

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