Buying a home in Atlanta for the first time can be an incredibly stressful endeavor, but if you are looking for a little added challenge, try starting a new job at the same time!
Changing jobs and buying a house at the same time might seem like a daunting prospect for many people, but it is not impossible. Let’s walk through two scenarios that involve buying a house while hunting for and/or starting a new job.
Buying a house with an offer letter mortgage
It’s not uncommon for people to accept jobs in new cities and begin house hunting before starting their new position. Buying a home straight away means you do not have to worry about committing to a lease (or breaking one later).
In these sorts of cases, you can get what is a called an offer letter mortgage that assures lenders of your future income at your new job. The way an offer letter mortgage works is that lenders use your job offer to estimate the future earnings of your new position and, in turn, evaluate your loan-readiness and determine the total amount of money you can borrow.
Job hunting and house hunting at the same time
Generally, job hunting and house hunting at the same time is not recommended because it throws a bit of uncertainty and complication into the equation when you’re trying to get approved for a mortgage. After all, mortgage lenders want to see that your income is stable and reliable. That said, it is still possible to simultaneously hunt for a job and a house — you just have to handle it carefully and accept that you might encounter delays with your lender or at closing.
For example, let’s imagine that you’re currently employed, and you’ve already been pre-approved for a mortgage. Maybe you’re in the thick of house hunting when you suddenly come across a great new job opportunity. You apply, interview and are offered the job! What do you do now about your mortgage pre-approval? Well, as long as the new job represents an upward word (or at least a lateral move) and you inform the mortgage lender that originally pre-approved you, you should be fine.
If you’ve made an offer on a home around the same time you accepted a new job, there may be some delays during the closing process, but as long as you have an open line of communication with your loan officer and your real estate agent, they can help you get through the process with as little stress as possible.
Relocating to Atlanta for a job and ready to buy a house?
At Atlanta Fine Homes Sotheby’s International Realty, our expert agents are seasoned relocation real estate experts who can serve your needs as not only a first-time homebuyer in Atlanta but as a first-time resident of Atlanta, too. If you’re relocating to Atlanta and want to settle into a home to call your own as soon as possible, call us today at 404.237.5000.