Buying a home with a new job

Lenders want confidence that your income will continue. They usually look at your work history over the last two years, the type of pay you earn and whether your new job fits with your past work. A move up within the same field is usually treated very differently from a switch to a new career.

The lender will also verify your job directly with your employer, often more than once. That's why the details in your offer letter, like your title, pay and start date, need to match what HR confirms.

In these cases, many lenders can move forward once you've started and have your first pay stub. Some programs allow you to close before you start, with a signed offer letter and a start date soon after closing.

• Same field or a related role, with similar or higher base pay
• A move from school or training into a job in that field
• Steady pay you can document with an offer letter and pay stubs

Variable pay often needs a track record, commonly about two years, before a lender can count all of it. Self-employed income is usually measured from tax returns. If your base pay alone qualifies, the rest may not matter for approval.

• Pay that's mostly commission, bonus or overtime
• Switching to a new line of work
• Moving from a regular paycheck to self-employment
• Gaps in employment you'll need to explain

Some jobs have a probation or trial period. It may come up during underwriting, especially if the employer notes it when verifying employment. Ask your loan consultant how it could affect your file.

• A signed offer letter with your title, pay and start date
• Your first pay stub, once you have it
• W-2s for the last two years
• Contact details for HR so the lender can verify employment
• A short explanation for any gaps

If you can, avoid changing jobs between pre-approval and closing. Lenders often verify employment again shortly before closing. If a change is coming, tell your loan consultant right away so there are no surprises.