Be careful when making this decision.
Yes, you can switch jobs when purchasing a home. However, there are 5 questions that need answers before you put in your two weeks notice:
The status of the new job can determine whether or not the income can be used. If you’re going from a full-time job to another full-time job, you should be fine. However, to count part-time income, you would need to be at the job with this status for at least two years. Otherwise, the lender cannot use the income.
The classification of the job can determine if the income from the new job can be applied towards your home loan.
If you switch from a W2 type job to a 1099 type job (e.g. independent contractor, self-employment, etc.), you could be disqualified for the loan because you need up to three years of tax returns as a 1099 earner.
If you want to give your mortgage lender a heart attack, switch jobs and tell your lender the day before you close on your home. You won’t just kill the deal, you’ll kill your mortgage broker. Psst… your Realtor too.
When it comes to changes with your employment, consult with your lender. They can advise you of what to do, what not to do, how to do it and how not to do it.