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I have been pre approved for an FHA loan and we are under contract for a home. In the middle of all of this, I recently started working a new part time job due to my hours being reduced at my full time job. Now the story behind this is I am a home health nurse and sometimes patients go into the hospital so our hours vary, so to ensure I always have enough hours I got a job with a second home care agency so I have more patients to choose from to make up hours to retain a full 40 hours a week. My lender was concerned with my recent job change, although I'm still with my original agency I now split my hours between the two, it's still the same profession, same field of work, same pay. I have written a letter for the underwriter to review explaining the situation. Anyone know if this could be a big enough deal to keep us from getting the mortgage? TIA!
I have been pre approved for an FHA loan and we are under contract for a home. In the middle of all of this, I recently started working a new part time job due to my hours being reduced at my full time job. Now the story behind this is I am a home health nurse and sometimes patients go into the hospital so our hours vary, so to ensure I always have enough hours I got a job with a second home care agency so I have more patients to choose from to make up hours to retain a full 40 hours a week. My lender was concerned with my recent job change, although I'm still with my original agency I now split my hours between the two, it's still the same profession, same field of work, same pay. I have written a letter for the underwriter to review explaining the situation. Anyone know if this could be a big enough deal to keep us from getting the mortgage? TIA!
It could be a problem if they do a verification of employment with your new employer and the don't want to state your guaranteed hours and future employment. Would you qualify with just your new reduced hours? With lack of money of closing cost, future student loans, maxing out your DTI, losing hours as work, are you sure this is the right time to buy?
I have been pre approved for an FHA loan and we are under contract for a home. In the middle of all of this, I recently started working a new part time job due to my hours being reduced at my full time job. Now the story behind this is I am a home health nurse and sometimes patients go into the hospital so our hours vary, so to ensure I always have enough hours I got a job with a second home care agency so I have more patients to choose from to make up hours to retain a full 40 hours a week. My lender was concerned with my recent job change, although I'm still with my original agency I now split my hours between the two, it's still the same profession, same field of work, same pay. I have written a letter for the underwriter to review explaining the situation. Anyone know if this could be a big enough deal to keep us from getting the mortgage? TIA!
This is a huge problem and may likely prevent approval. Obtain certainty from your lender regarding the income calculation and subsequent debt ratio now, so as to not jeopardize your down payment.
I have been pre approved for an FHA loan and we are under contract for a home. In the middle of all of this, I recently started working a new part time job due to my hours being reduced at my full time job. Now the story behind this is I am a home health nurse and sometimes patients go into the hospital so our hours vary, so to ensure I always have enough hours I got a job with a second home care agency so I have more patients to choose from to make up hours to retain a full 40 hours a week. My lender was concerned with my recent job change, although I'm still with my original agency I now split my hours between the two, it's still the same profession, same field of work, same pay. I have written a letter for the underwriter to review explaining the situation. Anyone know if this could be a big enough deal to keep us from getting the mortgage? TIA!
Big bank? (Wells, BofA) or a mortgage lender?
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