Date of VOE? (documentation, mortgage, fees, condo)
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So I'm currently in escrow on a condo that is supposed to close at the end of November, and I just recently accepted a new job that starts 12/5. My lender told me that I shouldn't put in my two week notice until I close on the house, because they might do the final VOE on the last day of escrow. If it takes too long to close on the house, though, then I might only be putting in a 1 week notice or less. I would like to not do this because I don't want to burn any bridges with my current employer (the new employer I am going to is a part of the same industry and I'll have a similar job with higher pay).
When do they do the final VOE check? Do you guys have any advice for me on when I should put in my notice with the company?
Wow, crazy situation. I think you might want to be a little proactive here -- the employment verification can happen LITERALLY while you are doing the closing.
Depending on the size of the firm and your relationship with supervisors / HR people I would plan on the folks you currently work with being "in the loop" if you can trust that they will not terminate you and jeopardize your ability to get approved for a loan. Don't give a "formal" notice, just tell you direct supervisor,in confidence, that you need to be able to have all ducks in a row to get a mortgage. The tricky thing is that if you have any "open" projects / assignments they will be left in the lurch. Really hard to back fill with Thanksgiving / Christmass / New Years Eve all reducing time for re-hiring...
The general behavior of lenders is that if they know you are in the same industry with a position that pays the same / better they will be OK with you being in the "new job" for 30 days and /or two paychecks. If you "spring a surprise on 'em" they might want additional fees to reschedule your close and reset your loan to penalize you...
If the VOE happens happens and you ain't working you will have to go that route.
Don't try to cram anything in and DO NOT expect anyone to stretch the truth / cut you slack -- the climate for lenders is probably as bad as it has been ... It is not that don't want to make loans, it is the downside of having any incorrect / incomplete documentation to go along with the stricter guidelines on lending scares the heck out of the underwriters and compliance dept...
I would plan on taking NO time off and if you have accured leave asking that you just a get check -- the money will come in handy to help furnish the new place at least.
Thanks Chet! I'm not sure if I can trust them, although I think i can, but if they end up telling the lenders that I'm leaving then I'm going to be pretty let down by them. Not sure if it's worth the risk...
You can't stuff the cat back in the bag. Your sure bet is to wait until you are closed, then give 2 weeks notice. Any employer worth moving to should be able to understand that.
I closed on a refi last week and the verification of employment was the very last thing they did. Was told by my broker that they require it to be completed within 48 hours of closing.
You can't stuff the cat back in the bag. Your sure bet is to wait until you are closed, then give 2 weeks notice. Any employer worth moving to should be able to understand that.
Sound advice.
Explain the situation to the new employer. Make them comfortable you want/will take the job but you will need a hiring date extension.
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