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We have our commitment letter. We are in the process of having our house built and it should be completed a month before our daughter is due. I have talked to the mortgage company and they said they haven't an encountered the scenario i proposed but that we would cross that bridge when we come to it.
Our builder does not require a construction loan. he is building on our land that we own. I am concerned my wife may have our daughter a month early and go out of work during closing, or the house my take longer and our closing may fall during the time that she is out of work. She will be out 6 weeks or so after the baby is born and receive only 50% of her normal pay but all health insurance still paid by company etc. Could this stop us from closing on our house?
At worst what would happen? they could only count my income and her 50% pay? I dont think that we would qualify on that. I am guess we could just post pone the closing until she returned to work after our daughter was born but would that gap in employment pose and problems for getting approved?
I cant imagine this is a situation that has never been encountered though. I am just trying to prepare for what could possibly happen when we go to close on the final mortgage. Thanks guys!
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