if this is the first time youve done this shouldnt be a prob...if you do it a lot itll lower your credit score.I am moving to another city, changing jobs, but still in same field, how will this effect getting a home loan?
This does have an impact on the loan you are offered. Some lenders want to know you have been with the same company for several years and have stability. If you have been in the same field for a number of years it will still work to your advantage.
The lenders I work with require at least 2 years at the same company of same line of work.
It would be different if you went from being a cafeteria worker to being a bail bondsman.
So long as you are staying in the same field and are not on probation and your lending ratios are in line(32%T.D.S. and 40% G.D.S),then you wwill have no problems getting a mortgage.
Investor guidelines suggest 2 years in the same field so you should be fine.
let's add an other view point to this question.
when moving to an other city and job, buying a house in the first 12 months of living there (long run view) is great for bankers and mortgage companies. However you don't know the areas of interest in truth just what the realtor's say.
you just spent good cash to move and need reserve should the job go Bust . Remember LIFO. you need real cash saved to get real mortgage not these easy in-easy out loans that bankers win with and you lose with. rent first year, save money, buy not on ego or pride but on real cash.
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