Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello all. My wife and I have been pre-approved for a home loan. We are in the process of trying to close at the end of this month. However, my wife has a job offer that can't wait since it's more money. She's tried to explain to prospective employer situation, but they need her immediately. It's good money also which would be silly to have her pass up this opportunity. I'm still employed and make more than sufficient to cover, but it's a joint application. My credit score is great and am putting 20% down. Would this have an effect on loan/closing?? I would appreciate any feedback.
Last edited by houstoner; 05-23-2009 at 10:18 AM..
Reason: Thread moved from Houston forum.
Why would your wife getting a better paying job effect your closing? You can A. Not mention it to the loan company or B. Get a letter from the new employer detailing her salary to give to the loan company. I would go with A.
I went through the same thing. All they asked to see was the offer letter and my first pay stub from the new job. They even said if we closed before I got the first pay stub I could even send it in as soon as i got it after closing. The main thing will be that the new employer must be willing to verify that she is being hired and her new salary.
This shouldn't hurt you at all, may just require a little more paperwork and some phone calls.
Don't mention it. It's not worth the hassle. I wasn't allowed to count my wife's income to get a mortgage, even though she worked for the same company for the last 2 years. She converted between fulltime employee and contractor and had both W2 and 1099 statements. I can't remember how many mortgage brokers / lenders I talked to that said they needed either 2 years of W2 or 2 years of 1099, and even having 2 end of year statements didn't count because it was only 1.5 years of one type and 0.5 year of the other type.
Call you loan officer and let them know what is going on, they will advise you...more than likely all they will ask for is a letter from the new employer and her first paystub....lenders normally do an employment verification a day or two prior to closing so it is best that you talk to the loan officer upfront rather than not say anything..this can make for a huge disaster right before closing..including cancelling the closing.. if they find out she is no longer employed and her income was used to help qualify for the loan...I'm a mortgage underwriter so I know what I am talking about
First of all...you have to mention it. If not you are signing and filing a false mortgage application. Second, a better paying job will never hurt, (and here comes the other shoe...) as long as it's in the same field and the new employer will verify the employment (plus sending a copy of the offer letter).
Basically as long as it's in the same field, she's making more and she has done the job at least 2 years(current), then it can only help you.
Hello all. My wife and I have been pre-approved for a home loan. We are in the process of trying to close at the end of this month. However, my wife has a job offer that can't wait since it's more money. She's tried to explain to prospective employer situation, but they need her immediately. It's good money also which would be silly to have her pass up this opportunity. I'm still employed and make more than sufficient to cover, but it's a joint application. My credit score is great and am putting 20% down. Would this have an effect on loan/closing?? I would appreciate any feedback.
go to www.HUD.COM website and you will find the answer. I believe if this is a joint application and your wife change jobs it can hurt your chance with the mortgagee company. I am in the process of buying a home but I have to wait until I close on a home before I can change jobs. I was informed by my daughter who is a vice president at a bank and also by the mortgagee company. do your homework before you lose the chance to purchase your home. Is it possible to remove your wife name from the application and add her name to the deed?
[quote=Janett Jones;8999213]go to www.HUD.COM website and you will find the answer. I believe if this is a joint application and your wife change jobs it can hurt your chance with the mortgagee company. I am in the process of buying a home but I have to wait until I close on a home before I can change jobs. I was informed by my daughter who is a vice president at a bank and also by the mortgagee company. do your homework before you lose the chance to purchase your home. Is it possible to remove your wife name from the application and add her name to the deed? Also you can contact a mortgagee company for advice but do not tell them you in the process of closing on a house
Definitely talk to your lender about it. It will require a small amount of extra paperwork, but lying to your lender may cause major headaches in the future.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
be carefull
be careful get professional advice
