Home Purchase Question

A better question is why you're buying a house when your wife is about to be laid off.

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As long as you close while your wife is still on the payroll you should be fine. They won't say something like, "Yeah she works here but not for long!" They'll simply verify that she works there.

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Not necessarily. "Probability of continued employment" is also a question that is asked. If the loan is delayed at all they may also ask for current pay stubs and she may not have them to give.

I'm actually excluded from the loan because I started my own business and showed a loss last year. Since the beginning of the year started, I have procured clients which will swing the pendulum the opposite way, but won't be able to be included on the loan.

For the poster who asked why we are buying when she might lose her job, see above answer. We also already own another property which is an income producing property but has been so for less than two years, so we are getting dinged on what we can purchase because of that as well.

We are financially secure but leveraged out a bit in the eyes of a bank because of some of the things we are trying to accomplish.

the lender is going to verify employment twice once at the begining of the loan process and once right before you close(usually the day before closing) keep your fingers crossed the layoff has not been anounced before you close.