Getting a mortgage. Laid off but found a new job (loan officer, pre-approval)

[Berteau]

I was going to buy a home, but got laid off. Well I literally found and started a new job 3 weeks later (tomorrow). I was with my last company 2.5 years. How will this affect getting a mortgage? I plan to buy in 4 months now. I'll probably just say I quit and found a new job voluntarily due to the short gap.

[rrah]

It won't matter as long as you continued to pay your bills. It's a short period of time.

[adjusterjack]

Don't lie to the mortgage company. It's worse than just admitting to the layoff.

[1ondoner]

Your situation is not unusual but happens a lot more than you think. I've moved for a new job and gotten pre-approval based on the offer letter but I had to provide payslips before closing. For underwriting, they will need of proof of income (payslip) and your last 2 tax returns. They may also request for a letter from your employer.

Originally Posted by Berteau

I was going to buy a home, but got laid off. Well I literally found and started a new job 3 weeks later (tomorrow). I was with my last company 2.5 years. How will this affect getting a mortgage? I plan to buy in 4 months now. I'll probably just say I quit and found a new job voluntarily due to the short gap.

[mortgageboss]

You might have to provide 30 days worth of pay stubs on the new position depending on what type of job it is.
Ask your loan officer for specific guidance on your personal situation.