Question for lenders…I am trying to transition into a new field in Real Estate Sales from an IT background of 7 years…Totally different lines of work. I have heard that lenders prefer you have a work history in the same line of work for a minimum of 2 years? If I change jobs how does this effect my credit?
My situation is I would like to buy a home but I want to change careers I am married so it will be a joint application, I was wondering how bad the new career will effect my chances of getting a good loan?
To answer your question…Yes going into a new field is going to affect your ability to aquire home financing. You stated that you are going into “real estate sales” which is most likely a commisioned sales position. Most lenders will want to see at least a two year history in that particular field. Since it is a joint application perhaps your significant other will qualify for the loan on his or her own merit. Another option you might consider is going with a “no doc” loan. Be advised though that this type of loan will have an affect on your rate and LTV. Hope this helps.