Buying or Selling a Home/Buying a home


Hello, my question is in regard to how long I should wait to go through the pre-approval process at my new job to buy a home. (I'm a first time buyer) Just a little background information first. In the summer of 2012, I was at a job for roughly 4 years. At the time, I was pre-approved for a mortgage loan. I wasn't able to find a home I was satisfied with then, so I decided to put it off. Unfortunately, I was laid off in August of last year and will be starting a new job soon. My credit score has gotten better and since then and I just paid off my car last month. Only debt I have is a few small credit cards, nothing major. I also still have the money saved for my down payment. (Don't know if any of that information helps, just thought I'd mention it just in case.)

My new job is in the same field, customer service, and also in the same pay range. Once I start my new job, is there a timeframe that you must wait according to lenders to get pre-approved again for a mortgage loan?

Most of the questions you posed, Evelyn, should and can be answered by the lender you choose. You will find that lenders prefer that their borrowers have a longer time on the job than what you indicate you have. It would have to be a very unusual situation for them to approve you for a mortgage loan with such a short time on the job. However, if you have a good to excellent credit standing, they may indeed approve you sooner than what I say here. Also, the government has handed down some new stringent laws that forces lenders to make sure borrowers can indeed make their mortgage obligations. Lenders can be penalized by government rules if the borrower falls into foreclosure.

Even though what I say here, I do encourage you to apply for a mortgage loan to get a written pre-approval. Your Realtor will require it before you are shown any properties to consider. I do wish you well,

Dick Dennis

Buying or Selling a Home

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Dick Dennis


With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.


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