The short answer: A new job doesn't automatically stop you from buying a home. Under Fannie Mae's rules, a salaried job with fixed base pay has no minimum time-on-the-job requirement, and a signed, non-contingent offer letter can even count on a purchase if you start within 90 days after closing. What trips people up is switching to pay that varies (hourly hours, commission, bonus), leaving gaps, or changing jobs in the middle of escrow without telling their lender, who will re-verify your employment within days of closing.
As of November 5, 2026. Guideline references are to Fannie Mae's Selling Guide as published on this date; FHA, VA, jumbo and individual lenders can have different or stricter rules.
Why is this coming up now?
Late fall is when a lot of my clients are weighing offers that start in January, and the job market is in the news. The government's October jobs report comes out Friday, November 6 (Bureau of Labor Statistics release schedule). Here in California, the unemployment rate held at 5.1% in September, down from 5.5% a year earlier, though the state lost 9,300 nonfarm jobs that month; October's state numbers are due November 20 (California EDD, October 16, 2026).
Whether you're moving for a raise or because your old role went away, the question I hear is the same: "Will this new job wreck my mortgage?" Usually not, if you plan the timing.
Do I need two years at my job to get a mortgage?
Not at the same job. Lenders look at your work history over the most recent two years to see whether it shows "a reliable pattern of employment," and a shorter history can still be acceptable when other positive factors offset it (Fannie Mae Selling Guide B3-3.2-02). Moving from one employer to another in the same line of work, at the same or better pay, is the kind of change lenders see every day.
For fixed base pay (a salary, or a set hourly rate with steady hours), Fannie Mae sets no minimum history on the new job. The lender documents it with your most recent pay stub and W-2 (or an employer verification form) and a verbal check with your employer (Fannie Mae Selling Guide B3-3.3-01).
Which kinds of job changes cause problems?
The structure of your new pay matters more than how long you've been there.
How a job change usually affects qualifying income
| Can count soon after you start? | What the lender looks for | |
|---|---|---|
| Same field, new employer, salary or steady hourly pay | Yes No minimum time on the job for fixed base pay | Recent pay stub and W-2 (or employer form), plus a verbal check before closing |
| Hourly job where your hours vary | No Generally needs at least 12 months of variable-pay history | An average of year-to-date and prior-year earnings, or average hours times your current rate |
| Bonus, commission or overtime | No Usually needs a track record | A history the lender can average and trend |
| Signed offer letter, job not started yet | Yes Possible on a purchase, with conditions | Non-contingent offer, a start-date window and extra reserves (see below) |
| Leaving W-2 work to go self-employed | No Different rules apply | Business history and tax returns; plan before you switch |
Variable hourly pay. If your new job pays by the hour and your hours go up and down, Fannie Mae requires a minimum 12-month history of receiving variable income, and the lender averages it rather than using your best month (B3-3.3-01). Any raise on variable pay has to be in place before closing.
Bonus, commission and overtime. These need a track record, and a brand-new commission plan often can't be counted yet. I walked through exactly how lenders average and trend this income in Counting on your bonus, commission or overtime to buy in 2027?
Going independent. A move from W-2 to 1099 or your own business changes how your income is documented entirely. If that's on your horizon, read what to know about your tax returns before you buy and talk to a lender before you give notice.
Can I buy a home with just an offer letter?
Sometimes, yes. Fannie Mae allows qualifying with a "fully executed and non-contingent" offer or contract for future employment. The letter must name you and the employer and show your position, type and rate of pay, and start date, and the employer can't be a family member or anyone with an interest in the sale (Fannie Mae Selling Guide B3-3.3-03). There are two paths:
- You start before the loan is finalized. If you begin work and the lender gets your first pay stub before the loan is delivered to Fannie Mae, the extra limits below don't apply.
- You start after closing. This path is only for buying a one-unit principal residence, using fixed base pay only. Your start date must be no earlier than 30 days before closing and no later than 90 days after. You also need extra reserves on top of the usual requirement: either six months of your new housing payment, or enough to cover all your monthly debts, including the new mortgage, from closing until you start, plus one more month.
Buying on an offer letter (start date after closing)
- 1
Before you write offers
Get the offer in writing
- Signed and non-contingent, or any conditions cleared before closing
- Shows employer, position, pay type, pay rate and start date
- 2
Choosing a closing date
Check the window
- Start date no earlier than 30 days before closing
- No later than 90 days after closing
- 3
In escrow
Show the cushion
- Six months of the new housing payment, or
- Enough to cover all monthly debts until you start, plus one month
- 4
Days before closing
Expect the call
- The lender verifies employment with your new employer
- Keep the start date firm; tell your lender if it moves
Not every lender offers the offer-letter path, and many FHA, VA and jumbo programs handle it differently, so ask before you rely on it.
What if I change jobs while I'm in escrow?
Tell your loan officer before you accept, not after. For employment income, Fannie Mae requires the lender to verify that you're still employed as stated on your application no more than 10 business days before closing (15 in some cases), and to "identify, evaluate, and resolve" any change it finds (Fannie Mae Selling Guide B3-3.1-07). In other words, a job change in escrow will surface. Surprises at that stage are what delay or derail closings, especially when the new pay is structured differently.
If you have the choice, the cleanest order is usually: close on the house, then start the new job. If the new job can't wait, a quick call lets us re-run your numbers and decide whether the offer-letter route or a short delay makes more sense.
Does a gap between jobs hurt my mortgage application?
It can raise questions. Fannie Mae says borrowers with employment gaps in the most recent 12 months "may appear to have unstable employment," and lenders must carefully analyze whether the current job is likely to continue (B3-3.2-02). If you're counting income from more than one job, that same section says there can be no gap longer than one month in the most recent 12 months (seasonal work has its own rules). A short gap between two similar jobs, with a clear explanation, is common. A longer gap usually means you'll want some time and pay stubs in the new role before you apply.
Reading from outside California? These are national Fannie Mae guidelines, so they apply wherever you live. The unemployment figures above are California-specific.
Derek\'s take
Over 20 years and more than 1,200 loans, I've seen plenty of people buy a home right after changing jobs, and I've seen a few lose a house because they switched mid-escrow without saying anything. The difference is almost always timing and a phone call. If a new offer is on the table, or you're starting somewhere in January, let's look at how your new pay will be counted before you sign either the offer or the purchase contract. Book a call with me and we'll map out the order that works. Thirty minutes, no credit pull, no obligation.
Frequently asked questions
Can I get a mortgage right after starting a new job?
Often, yes. For a salary or steady hourly pay, Fannie Mae sets no minimum time on the new job; the lender documents it with your pay stub, W-2 or an employer form, and a verbal check. Lenders still review your two-year work history, and individual lenders can be stricter.
Can I close on a house before my new job starts?
On a Fannie Mae purchase loan for a one-unit primary home, it can be possible with a signed, non-contingent offer letter if you start no later than 90 days after closing, qualify on fixed base pay, and have extra reserves. Not every lender offers this option.
Should I tell my lender if I change jobs during escrow?
Yes, before you accept if you can. Lenders re-verify employment within about 10 business days of closing, so the change will come up, and finding it late can delay or cancel your loan.
Does a raise at a new job count right away?
For fixed base pay, lenders generally use your current documented pay. For variable hourly pay, Fannie Mae requires any raise to be in place before closing, and the income is averaged over at least 12 months.
Will a commission-only job hurt my chances?
It can, at first. Commission and bonus income usually need a track record before a lender can count it, so a new commission plan may not count until you've built history.
This article is general education, not legal or tax advice, and not an offer of credit or a commitment to lend. Guidelines summarized are from Fannie Mae's Selling Guide as of November 5, 2026; FHA, VA, jumbo and lender-specific rules may differ. Figures are re-checked on the day of publication.
Sources
- Fannie Mae Selling Guide B3-3.3-03, Employment Offers or Contracts
- Fannie Mae Selling Guide B3-3.3-01, Base Income
- Fannie Mae Selling Guide B3-3.2-02, Standards for Employment-Related Income
- Fannie Mae Selling Guide B3-3.1-07, Verbal Verification of Employment
- Bureau of Labor Statistics, November 2026 release schedule
- California Employment Development Department, September 2026 unemployment release (October 16, 2026)
This article is general education, not a commitment to lend, an offer of credit, or tax, legal or investment advice. All loans are subject to credit approval, income and asset verification, and property appraisal. Programs, rates, terms and limits change without notice; figures are current as of the publish date. Derek Shao, NMLS #242117, CA DRE #01358261. Financial Dynamics, Inc. DBA Emory Financial, Company NMLS #393986. Equal Housing Opportunity.
