There isn't really a hard and fast answer to this question. It depends on several factors and I'll address them one by one.
1. How is your compensation structured? If you earn 100% salary it's easy for an underwriter to calculate and predict your income in the future. However, if you derive a substantial part of your earnings from bonus or commissions, you'll have to be able to show a history of this kind of income for it to be counted in your debt-to-income ratios. If 25% or more of your income is commission or bonuses, you are pretty much self-employed as far as underwriters are concerned -- like the self-employed, you'll need at least a 2-year history of this compensation to get credit for it (note: that doesn't mean that you have to have been at the same firm but you do have to have worked in the same capacity and the same industry).
2. How long have you worked in that field? Your history with a specific company is less important than your experience in the field. If you have been a CPA for decades it matter less that you are now at Acme Company instead of AAA Industries.
3. How is your contract structured? I got people approved for loans when they had new jobs that they had not even started yet. In one case, the applicant was a new college football coach who had a guaranteed 5-year contract and a ten-year history of coaching college-level sports.
4. What are your prospects? Just out of college and working your first job? That may not be a problem if you are in the right field and with the right credentials -- for example, a med school grad with a hospital job or a new lawyer working for the state government.
5. How's your overall pattern? People with new jobs who demonstrate a pattern of repeated job changes with no advancement have a much harder time getting approved for mortgages. And these days, those in troubled industries will have challenges too. Underwriters are tasked with determining the likelihood of you remaining employed as part of your income analysis.
6. What are your compensating factors? These are items that help overcome a recent job change -- your wife's employment is one of them. others are excellent credit, assets (enough to pay your bills for several months if you were to lose your job), and a solid debt-to-income ratio.
On the other hand, if your employment history is spotty, you have barely enough saved for a down payment, your credit is mediocre, and your income just enough to qualify, your recent job change will be more of an issue. Here is what FHA's underwriting guidelines have to say about income stability:
"We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.
To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability."
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