The new year has brought about several new changes for you! You are starting a new job and looking to Buy a new home. Congrats! Trying to do both of these at the same time can be a challenge, but it is possible! If you are relocating to the Dallas/Fort Worth area for a job and are in the market for a new home, here is some advice to ensure smooth sailing ahead!

Approval for a mortgage is dependent on your ability to repay. Lenders want to see that you will have a steady income for at least the next 3 years in order to verify that you can afford the loan. It is possible that changing your job can affect these details. However, there are many factors to keep in mind. Be sure to provide your past income and work history to the lenders. Continually switching jobs or large gaps in employment could be red flags. If your new job is a promotion within the same company or is at a new company in a similar role but with improved pay or benefits, your loan approval should not be affected. These will be seen as positive moves by the lender. They will want to see the potential for longevity in this role. Long term contracts in a full time position will be your best bet. As long as you complete 30 days within this new role, your loan approval should go through. Be ready to provide your offer letter confirming your salary as well as your first pay stub. One thing to note, if your role is in any way commission based, these earnings will likely be omitted by the lender as they cannot be proven in the new position.

If you are relocating for a new job, you need to have your living arrangements set ahead of time. It might be best to rent in your new location at first in order to provide your lender with the necessary employment verification. It also provides you with the opportunity to get to know the city before making the plunge of buying a new home. If you are a current homeowner and are looking to sell and buy, be sure to consider whether or not you can afford two mortgages in the case that your current home does not sell as quickly as anticipated. Find out if your company offers any relocation packages. Some companies offer down payment assistance within a year of moving, closing costs, Guaranteed Buy Outs, or more. Be sure to find out all your options before you transition into your new position in order to reduce stress during the process.

If you are relocating to Dallas/Fort Worth for work and are in the market for a new home, Sturges Group is here to help! We are happy to answer any additional questions you might have and help you find your dream home! Give us a call today or visit our website at