Changing jobs does not affect your credit score but it does change how the underwriter will view you in terms of risk. If you have had a steady job for several years and you are staying in the same type of career/ job/ industry the change in employers won't matter much. If your new sales job is commission they are going to want a bigger down payment because commision based income doesn't count for much to an underwriter.How does it affect your ability to get a loan if you change jobs?
because you need to show a steady work history
The problem isnt that your changing jobs - lenders care less if you change jobs. The nature of your income is what matters.
If you go from a salary position to commission income - you will need 2 full years of earning commission income to show what you are capable of making.
If you go from salary or hourly position to salary or hourly position they just use your most recent salary or hourly rate.
The only exception is if you are putting a significant down payment down - say 20% +. Some lenders will discount the need to show income and lend against the equity you plan to have in the purchase.
Also, with a high enough credit score and big enough down payment - no doc loans are available where the rate difference is not too much worse than if you could show income.
If your an average borrower and have little money to put down, average credit score and just changed from salary to commission income your only options are seller financing or lease-purchase options.
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