Mortgage For First Time Home Buyer With New Career

by Jerry
(Anaheim, CA)

Ask Kate about a mortgage for a first time home buyer with new career: Kate, Can I pre-qualify for a mortgage with a newly changed career coming from being laid-off?

Jerry continues... I used to worked in the accounting department of a hotel designs and renovation company for years with good amount of salary. However, bad economy drove the hospitality business in turmoil that cost most of us employees our jobs last February 2009.

By then I belong to the first group of laid off staff who received pink slips.

Good thing that 2 months before they laid me off, I went and enrolled myself to an online school and took a more stable healthcare career course. The incident made me decide to put my time and effort in studying and not go back and apply for a job in accounting anymore.

Time moves so quick that after 2 years of being a full time student, I graduated, passed my board exam and become a respiratory therapist just last April. I now have a job offer that I accepted in a big hospital near downtown and I am starting next week.

Also, even though I am out of work for 2 years I was still able to maintain a good credit rate. In this regard, will my current situation (shift to a new career) be able to qualify myself for a home loan now that my wife and I decided to purchase our first house?

How long do I need to wait to be able to qualify for a loan?

Kate Answers: Mortgage For First Time Home Buyer With New Career

Hi Jerry,

Yes, there are a lot of lay-offs going around, aren't there? I admire you for changing your life by going back to school.

Now onto your question. The short answer is yes, since you are serious about buying a first home, get right in to see a reputable mortgage lender. But don't get prequalified. Insist on mortgage pre-approval!

Take Advantage Of Mortgage Pre-Approval

There is no better time to solve mortgage issues than during Mortgage Pre-Approval. You can get to know your lender too. You will not have made an offer on a house so there will be no Purchase and Sale Agreement's expiration date breathing down your neck.

Again, learn about getting pre-approved here - Mortgage Pre Approval - Home Buying The Easy Way.

First Time Home Buyer Financing Strategies

Specifically pertaining to buying a first home after a career change, I recently heard from Bobbi at my First Time Home Buyer website. As she is in a similar situation, I think you also will find my answer full of many useful pointers.

You'll learn how to help your lender understand why they should approve your request for a mortgage, even though you haven't been employed for 2 years. I mention specific paperwork that you might otherwise not think of bringing to the application appointment with your mortgage company.

So hop over to First Time Home Buyer Financing Strategies and again, congratulations on your new career.

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Have You Seen The Most Recent Ask Kate Answers

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Best wishes,

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