How exciting! You have been offered a great new job! As you shared the good news, someone told you this could adversely affect your ability to purchase a home, something else you have been working hard to do! Now what?! Don’t turn down the opportunity just yet! Let’s take a closer look. First, consider if this is a job within the same or similar industry? If this is a promotion within the same company and you are within the same field, that is one thing. But if you have always been in the medical field as a nurse and now are taking a job as a graphic artist, your lender may have some concerns. Or perhaps you are staying in the medical field but in a different capacity. For example, you had been salaried at a clinic but now are venturing off on your own to do contract work (W2 vs 1099). The best next step to take is to talk to your lender about your job change. That allows him or her to look at your specific finances and personal situation and see the entire picture. It truly is not as simple as using an online calculator to plug in your debt to income ratio! Your lender can walk through your real numbers and share how the new job will affect you. Will the new job postpone your homeownership a touch? Or will the new job give you a stronger financial picture in the long run? You have worked hard to advance your career. You have worked equally hard to qualify for your new home. Now is the time to talk to your lender, know what to expect, and make a plan for the future. After all, who says you can’t have it all?
