*Change Jobs/Employment Post- Qualification and Bank App*

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Viewing 12 posts - 1 through 12 (of 12 total)
  • Author
    Posts
  • #72068
    MDPeach22
    Participant

    Hello all,
    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.

    #72073
    Nelsont
    Member

    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.

    #72077
    MDPeach22
    Participant

    @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 amount

    #72078
    Nelsont
    Member

    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.

    #72079
    MDPeach22
    Participant

    Thank you, @Nelsont

    #75278
    NACANewConstruction
    Participant

    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.

    #75314
    LUWA
    Participant

    @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.

    #75316
    MDPeach22
    Participant

    @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 process

    #75317
    NACANewConstruction
    Participant

    @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.

    #75331
    TTrumble
    Member

    Hello MDPeach22,

    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.

    Tim Trumble
    Online Operations, NACA

    #75338
    MDPeach22
    Participant

    @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.

    #75847
    jacoryc07
    Participant

    @NACANewConstruction can you advise on if you were required to submit a new bank app due to the new job? Or did you only have to provide 30 days works of bank statements and complete a new VOE? Thanks in advance.

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