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My wife and I are closing on a new home on Sept 11th. We also have a buyer for our current home and are closing the same day. We have enough money to still afford the home as my wife works and unemployment for me. However we understand the bank would never approve the loan if they found out I have lost my job. I spoke to our lender and asked them if they would need anymore documents for the loan then what we have provided. They stated they would need one pay stub from both my wife and I that is 30 days or less then the closing date and that would be all they would still need. My last full pay stub will be dated 29 days before closing. And she still works. With that being said should I not worry that will find out I lost my job if all they said they still need is one more pay stub each less then 30 days before closing or should I really worry about this?
Tell your mortgage broker right away and see if he can re-qualify you with unemployment comp and your wife's income. It's worth asking.
Whats an unemployment comp? Doubt it would work since my job fights all claims so I will not even see unemployment until my Sept 12th hearing at the earliest.
Unemployment doesn't count in a mortgage because it's not consistent and on-going. It will end with no guarantee of a job on the other side of the payments.
Unfortunately they do an employment verification a couple of days before closing. I see two possible solutions (if you went through a mortgage broker)
- check and see if wife's income is enough to meet the mortgage requirements and keeps your debt to income ratios within the acceptable limits
- if not, then try to get another job ASAP in the same field that is permanent and at a similar pay grade
I had the same issue as you and went through a mortgage broker. Fortunately, I found another job that was equal pay and permanent and that saved my behind from losing out on my dream home. Don't lose hope and don't get deflated...
That gives me about what a week to find a job lol . That will be tough
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