Need loan help for a complicated situation (Austin: for rent, mortgage)

[greenAustin]

Already closed the deal on the house, with an approved loan.It will be done in Feb.

I switched jobs, and opened my own company and started working for myself. My wife is pregnant and we are expecting in Jan that means my wife will be on leave from Feb onwards to may be march. I have a very excellent credit number, and decent saving with 10% down plus atleast 6-7 month payments stacked. Unfortunately the loan that I got approved is going under re-evaluation because I explained to him about the new changes.

The guy hasn't got back to me for while now, and I am tensed. So somebody please! please! please ! help me with any contacts for loan specialist. Thanks, this forum is like god's answer to all questions.

Thanks

[jenkirk]

Read your contract. Without loan approval, you should be able to get your earnest money refunded. I would ask your Realtor for some advice.

Also, I would suggest contacting Bank of America to see if they will give you an approval. I had a customer in a similar situation last year, and his rate went through the roof with the home builder's mortgage company. He got a great rate with the Bank of America. Things may be different now, but it is worth checking into.

[centralaustinite]

It is not exactly clear what is going in your post. You were approved for a loan now your work and income have changed. Have they notified you that you no longer qualify for the loan?

Usually, if you can no longer qualify for the loan you can get out of the deal.

Most banks have tightened their loan requirements these days. And they hate to see self-employment (regular corporate paycheck makes them happy).

There are amazing houses for rent these days! I'd look into that. Homeownership can be over-rated.

[love roses]

My husband was self employed when we bought our current house and also when we bought our first house. We didn't run into any problems, but we did have to prove that he had been working steadily for a certain length of time.

[greenAustin]

Thanks for your replies guys,

CentralAustinite, I was on a regular job with a contracting company. But the guy was really exploiting me and i had to quit. This happened after the loan was approved. But on the loan commitment it says i have to disclose any changes in financial situation before the closing(Including job changes).

But the GOOD NEWS is they pulled it off, using my wife's credit and job history.
The house is going to be financed on her name, but we will be able to afford it. We couldn't be more happy and I am very lucky have her by my side, to take care of things when i am down.