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Old 08-20-2009, 09:26 PM
 
406 posts, read 987,375 times
Reputation: 207

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We just recently signed the agreement on our current house, are mostly set to close at the end of next month, and have been looking for new digs. We actually found a place that we were just about ready to make an offer on, and then...the other shoe dropped. My husband found out tonight that his employer is expecting to close its doors. Now, he's kind of a rockstar in his industry, and we're 90% sure he'll either be absorbed by another of his larger company's subsidiaries or be poached off by the CEO of another company (who sits on his current larger company's board). Either of these jobs would be for the same or a higher position, for the same or a higher salary. Even if neither of those panned out, his industry is still humming so we're not too worried about his finding a job elsewhere.

The timing, however, is terrible. We can't pull the plug on selling our house at this point, and we really don't want to have to rent for very long with our pets and young son. How is this going to affect our ability to get a mortgage? We were (still are, I guess, since nothing's "official" yet...the word is that nothing will be officially announced till mid-September) preapproved, have stellar credit, etc...but I'm just not sure how long financiers prefer you to have been with a given company, even if it's in the same industry.

Any thoughts?

Thank you!
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Old 08-21-2009, 06:37 AM
 
340 posts, read 905,076 times
Reputation: 233
If he's between jobs, that will make it tough or impossible to get a mortgage. If he has a new job, in the same field with an even better salary, you should be pretty good. I was looking at changing jobs when i got a better offer than my current one. My LO said no problem.
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Old 08-21-2009, 06:55 AM
 
Location: Plano, Texas
1,672 posts, read 4,496,193 times
Reputation: 642
Before you will be approved for a new home loan, your husband will have to provide at least one paystub from the new employer.
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Old 08-21-2009, 07:03 AM
 
406 posts, read 987,375 times
Reputation: 207
Thanks, guys. Any idea how flexible that "one paystub" rule is? Just because it may end up being a situation where he's staying with his current company until ABC date, and then moving to XYZ company. I guess there must be some sort of way around that, or people wouldn't be able to relocate for new jobs and buy homes? Maybe a letter from someone at his new company or something of that nature?
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Old 08-23-2009, 12:01 AM
 
161 posts, read 316,145 times
Reputation: 84
Quote:
Originally Posted by redpanda View Post
Thanks, guys. Any idea how flexible that "one paystub" rule is? Just because it may end up being a situation where he's staying with his current company until ABC date, and then moving to XYZ company. I guess there must be some sort of way around that, or people wouldn't be able to relocate for new jobs and buy homes? Maybe a letter from someone at his new company or something of that nature?
Correct! All you need is one paystub and/or an offer letter of employment with the stated salary. You may also obtain a letter from the human resources dep
t of his new company. You will also be ok if he stays within the same industry or line of work. Don't stay up at night worrying about it. Everything will work out.
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Old 08-23-2009, 08:59 AM
 
Location: Plano, Texas
1,672 posts, read 4,496,193 times
Reputation: 642
Lenders are not real flexible today on any rules. You could try a letter from the company but dont be surprised if they say no. Common sense underwriting does not exist any longer. Many lenders are not accepting offer letters. The thought is what if the consumer decides not to start with that company, or what if the company shuts down due to economy.


You might want to try the loan with a portfolio lender. Portfolio lenders lend their own money and they also carry the note. The vast majority of lenders loan you the money for your home than they quickly sell your mortgage into the secondary market to make a profit on that sale instead of carrying the note to earn the interest. These lenders have to follow certain guidelines and are thus very inflexible. Portfolio lenders can make up their own rules so you might have a better chance of success. The rate at portfolio lenders will not be as competitive as other outlets, but if you get the loan....

Whoever you work with, make sure you bring this up from the very beginning as this will be a major issue. Make sure they let you know ahead of time whether a letter and not a pay stub will suffice. Try not to lose any sleep but i will stress this is something to worry about.
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Old 08-24-2009, 08:05 AM
 
Location: Fuquay Varina
1,750 posts, read 2,944,310 times
Reputation: 2328
I changed jobs and moved to a diff state and bought the new home. I had to provide an offer letter and that got everything in place. I had to then supply 1 paystub the week of closing. The letter got everything going contingent on the paystub to arrive before closing.
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Old 08-24-2009, 09:22 AM
 
Location: Plano, Texas
1,672 posts, read 4,496,193 times
Reputation: 642
Good point, lenders will underwrite the loan with the offer letter, but wont close until you have a paystub.
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