Hi there-
My husband and I are already prequalified for a mortage. This is the 3rd time using this lender and we have a good relationship. Its possible that my husband will be changing careers. He currently is with his job now 22 years as a Roofing Manager, 65K a year in FL but may be changing to a Building Inspector (Roofing) because of the toll Roofing has taken on his health (back). If he takes the Inspection job, can the bank pull the prequalification because its a new job or can they see his history (22years) and understand its a career change? We dont know what to do, we are selling and buying right now but he has a great job offer as an inspector and is really having health issues so Id like him to take the job.
Can anyone give advice? Im a stay home mom so he carries the mortgage. Credit is 685. Thanks.

Eew... job change in the middle of a purchase...

Are you guys doing this full doc or stated?

Full doc. They have all our info already. We havent sold our house yet and havent purchased one yet but its in the making and our prequal is good for 90 days. I dont know if job history outweighs new employment. If we had a closing date I wouldnt think twice about sticking it out but in this market it could be 6 months until we sell. I dont want to jepordize our prequal but I dont want him to loose this opportunity. What to do.

mom2kk, Changing a job can sometimes be a real issue, but it sounds like he will still be in the Roofing/Construction business. Becasue it is the same line of work, and because you have strong credit I think you will be ok. HOWEVER please discuss this with your loan officer before making any changes. The loan officer will verify for you, and get you the correct answer depending on your loan program. If you change jobs the underwriter will want to see a check stub from the new employer to verify what the icome actually will be.

It sounds like a job offer he cant refuse, and he should probaly take it. Again you need to please run all of this information by your loan officer.

How soon are you expecting to close? How long does he have to accept the job offer? Will his future employer understand that you are closing on a house and give him a week or 2 extra?

Good point, yes, he will still be in the same trade just the other end of the spectrum. The Inspector, not the builder so to speak. I have a real good rapport with my loan officer and wanted to ask him but didnt want to open up a can of worms without doing my research. I could just run the scenerio by him and say Im wondering...nothing else. Who knows when we will close, depends on the sale/purchase. As for the job, its the same fear, he doesnt want to jepordize it by asking for an extension or placing demands. Its not like we are under contract and can give a date, you know? I wanted to get some opinions first on the mortgage end. Thanks for your advice.

mom2kk-

By all means, run it by the LO. You didn't say how your husband would be paid as an inspector. Will there be a salary? are there any bonuses that make this such a great job? In a job change regardless of whether it is in the same industry most fannie mae lenders will only count the base salary or hourly pay and will disregard any bonus, commission, overtime pay without a 2 year history with that company. So see if the pay is static and not subject to change. Good Luck contact me if you need more clarification

Greg is dead on right. Your loan officers job is to make sure your loan closes so tell them everything so they know exactly what they are dealing with. A good loan officer knows what information is needed for underwritting and what information needs to be left out.

As a banker/broker I would use the job title of Home Improvement for both. Same line of work to most.

One serious problem with inspector jobs is whether it is an hourly pay or a pay per inspection. If it is pay per inspection and they take taxes out it would be hard to predict how much money he will make. That may kill the loan.

Another ramification is whether it is a 1099/Self Employed position.

Going from an hourly income/salary to either of these would kill the loan. For each of these pay structures you will only be able to do full documentation (prime interest loans) if you show 2 years tax returns.

So did you speak to the loan officer yet?