Sometimes it takes a new job to give you that income boost you need to buy your first home, but a new job can actually complicate the mortgage approval process.

Here are some things you should know:

1. Don't start the home buying process and then start a new job in the middle of it. Get the new job first plus a few months (and pay stubs) under your belt and then start your home search.
   
   
2. A new job with a higher income is a good thing for a lot of reasons, but it doesn't mean you automatically will qualify for a mortgage. New jobs come with risks, especially if you're changing fields and starting something completely new. Customarily, most mortgage companies want two years of income history, so chances are they will go back two years and estimate your income by combining your last income with your new income.
   
   
3. Stability and consistency count. The best mortgage applications show consistent work history. If you were a car salesman one year, a fireman the next, and a staff accountant the next, you are not necessarily showing consistency. Even if your income is going up with each job change, this might raise questions as to your stability and "readiness" to take on a mortgage.
   
   
4. If you have some inconsistency in your employment history, write a letter that explains your changes. Perhaps you were going to school for accounting while you were working at the car dealership and the firehouse. Now that you have graduated, you are starting your "real career." A letter in your file may make all the difference to the underwriter who will ultimately determine whether you are a good credit risk.
   
   
5. Investigate different types of loan programs.  Some lenders put less emphasis on that "two-year rule." For example, an FHA loan is designed for first-time buyers, and they value education, sometimes even counting the time you spent working on your degree toward your work history, particularly if you have landed a new job in your degree field.
   
   
6. The more money you have for a down payment, the better. (Cash counts!) If your employment history is a little unsteady, having 20 percent to put down on a home (and a good credit score) just might tip the scales in your favor.

Buying a home--especially your first home--can be unnerving.  Please don't hesitate to reach out to a Montague Miller & Co real estate professional with questions or concerns.  We can schedule a time to meet and discuss all of the details.