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You already have too much debt, and you want them to let you take on more MASSIVE debt.
Right now you are not a great risk for them. Plus, think about this for a minute. This is not about "getting a house." This is about financial risk for YOU, too. Your wife just lost her job. What if they DO go ahead with your mortgage, she does not get hired, and they have to foreclose??
You already have too much debt, and you want them to let you take on more MASSIVE debt.
Right now you are not a great risk for them. Plus, think about this for a minute. This is not about "getting a house." This is about financial risk for YOU, too. Your wife just lost her job. What if they DO go ahead with your mortgage, she does not get hired, and they have to foreclose??
Be SMART. Tell your lender.
Did I hear foreclosures?? That's my department......
Well Said...Wmsn4Life....
This is not about "getting a house." This is about financial risk for YOU
Pfhtex answering your question about verifying employment.
(1) The VOE is a form it is filled out with the employment information which a processor verbally call's the work place to verify a person works there. It depends on the lender.
(2) My experience has been two pay stubs with a checking account statement showing the deposits.
Seriously do not rush into this..... if you do, I'll have the next 30 years to wonder if you could of done it another way.
Did I hear foreclosures?? That's my department......
Well Said...Wmsn4Life....
This is not about "getting a house." This is about financial risk for YOU
Pfhtex answering your question about verifying employment.
(1) The VOE is a form it is filled out with the employment information which a processor verbally call's the work place to verify a person works there. It depends on the lender.
(2) My experience has been two pay stubs with a checking account statement showing the deposits.
Seriously do not rush into this..... if you do, I'll have the next 30 years to wonder if you could of done it another way.
..
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That was a question for the OP to ask his lender. I've been in the business since the Earth cooled, unfortunately.
I just still don't know what it means that they didn't need to originally check her employment and telling her that they didn't need to. Just is odd, why would they not check now, and then check later. So I don't get it.
I'm honestly not worried at all about my wife getting a job. She already has a few possible.
My other option would be to have my dad co-sign with me. Doing the math it would put our DTI together at about 42ish. Higher, but manageable to get the loan approved I would think.
Yeah this would be our first. Thinking we could make changes later to the loan and take him off. The only thing he has under his name is a truck payment right now.
Yeah this would be our first. Thinking we could make changes later to the loan and take him off. The only thing he has under his name is a truck payment right now.
You really need to do some research on mortgages so you know exactly what you are doing.
Removing your dad form a mortgage is not just an administrative change, like erasing him. You would need to refinance, and remove his name from the deed as well.
Take a breath and make sure you understand what you are getting into here.
Even if they don't check her employment, at closing, you have to sign a document that states that everything on your loan application is true and correct. Otherwise, it's mortgage fraud. Do you really want to get busted for Fraud?
There is another form that states that there have been no changes since you filled out the loan application. This would also be mortgage fraud.
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