Tagged: employment new job
September 29, 2020 at 1:53 pm #72068
I’m already qualified and have already entered into contract on a house and moved through bank application process – now I’m just waiting for my house to be delivered (it’s new construction) – May 2021. I’m in a position where I may need to leave my current job. If I change jobs b/w now and then, how will that affect my process at this juncture? I don’t want to be locked down on this job until I close – it’s a toxic environment.September 29, 2020 at 2:42 pm #72073NelsontMember
Change your job. You will just need 2 pay stubs from the new job. As long as your income doesn’t decrease and you don’t quit and then start looking you will be better off.September 29, 2020 at 4:11 pm #72077
@Nelsont, thanks for your response. Any ideas of how it might affect me if I get a lower paying job? So say I’m qualified for $1500/month…might it bring me down to $1200/month?? Even though I already agreed on buydown amount and everything and based my purchase off of the original qualification amountSeptember 29, 2020 at 4:42 pm #72078NelsontMember
If your current piti after buy down is lower than your new qualification amount then you’re good to go. Otherwise it needs to be reworked.September 29, 2020 at 5:03 pm #72079May 1, 2021 at 8:10 am #75278NACANewConstructionParticipant
Well @Nelsont it seems things have changed because I’ve been told I would need to complete a whole new bank app after showing 30 days of paystubs. Even though the income will be permanent, salaried and higher. Additionally, I was told this would adversely affect me because of the new NACA/BOA agreement in May.May 3, 2021 at 8:05 pm #75314LUWAParticipant
@nacanewconstruction This is good information to have. I have been seriously looking for a different job, but after reading your post I will stop applying for jobs until we are about to close or close. The NACA process is already long enough without me doing anything else to make it even longer.May 3, 2021 at 9:27 pm #75316
@nacanewconstruction, where exactly are you in the process? That seems completely unreasonable to have to submit an entire new bank application esp if the job is higher paying. Wouldn’t that unnecessarily delay the entire processMay 4, 2021 at 6:16 am #75317NACANewConstructionParticipant
@MDPeach22 My house is tentatively due to close in June. I have no specific closing date. I was supposed to close in April but there were delays in supply.
Construction is getting close to completion. Cabinets went in yesterday.
I will let you guys know what actually happens.
As of right now my MC has told me to just submit my paychecks and bank statements like normal until I have 30 days worth of pay from the new job.
At that time he will take it from their with BOA.May 5, 2021 at 4:33 pm #75331TTrumbleMember
Yours is a pretty rare situation, changing jobs while waiting to close.
Because you have already submitted a bank app and the source of income is changing, a new bank app including at least 30 days of paystubs will be required.
The reasoning is actually pretty simple. The bank needs to verify your ability to repay the loan before they can approve it, so any time there is that kind of change, the new information has to be processed from scratch.
Once you have the 30 days of paystubs in the file, you counselor should be able to resubmit the bank app for you.
Online Operations, NACAMay 5, 2021 at 5:03 pm #75338
@TTrumble thank you for your response. I understand the rationale. Does this same rationale apply if one is changing to a higher paying job? I guess my whole point is not wanting the delay the closing process even further by reapplying to the bank and the subsequent activities that must happen at that point.July 1, 2021 at 12:15 am #75847
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